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(Pantheon Resources PLC corrects that it is the Alkaid #2 well where horizontal drilling operations have been completed.)
Pantheon Resources PLC - London-based oil and gas company focused on Alaska - Receives a volatiles analysis service report for Theta West 1 from independent experts at Baker Hughes AHS. Says the report found that Theta West 1 has an ultimate non-permeable oil seal that occurs at 7,070 feet. Says oil is analysed in every cuttings sample, both sealed-at-well and lab-loaded.
"Following the successful completion of horizontal drilling operations at our Alkaid 2 well last week, we are pleased to present shareholders the results of the volatiles analysis service work on Theta West 1," Chief Executive Jay Cheatham comments.
"AHS refers to our 100% owned discovery as 'world class'. As previously announced the company estimates the project contains over 17 billion barrels of oil in place with a recoverable resource of over 1.7 billion barrels of oil (based on a 10% recovery factor)."
Current stock price: 138.00 pence, up 6.2% on Tuesday
12-month change: up sharply from 52.60p
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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