13th Mar 2019 09:54
LONDON (Alliance News) - The partners in the Winx-1 well in the North Slope of Alaska on Wednesday reported disappointing results from wireline logging.
Among London-listed companies, 88 Energy Ltd is the operator of the licence with a 36% stake, Red Emperor Resource NL owns a 31.5% interest, and Pantheon Resources PLC has 10%.
88 Energy shares were trading down 39% at 0.81 pence. Red Emperor dropped 85% to 0.78p. Pantheon, the largest of the three, was down 26% at 20.82p.
Pantheon has its stake following the acquisition of the assets of Great Bear Petroleum in January.
The companies a provisional petrophysical analysis of logging program indicates low oil saturations while testing and fluid sampling indicates that reservoir quality and fluid mobility is insufficient to warrant production testing.
"The wireline logging program at Winx-1 did not confirm the operator's and our earlier optimism which was based on mudlog shows and logging while drilling. While disappointing, this does not condemn the Western Blocks where Winx-1 is located," Pantheon Chief Executive Officer Jay Cheatham said.
Related Shares:
88 EnergyRMP.LPantheon Resources plc