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Pantheon Resources PLC - London-based oil and gas company focused on Alaska - On Monday says the completion and stimulation phase at Alkaid #2 well in Alaska has concluded ahead of flow testing. It will install production tubing prior to starting flow testing operations.
Says to prepare for the flow testing, Pantheon has applied to the Alaska Oil & Gas Conservation Commission for a long-term pilot production test with a hearing set for October 27 to consider gas flaring at the Alkaid #2 well. The purpose of the long-term pilot production test of the Alkaid interval is to "gather data necessary to understand the characteristics of production from that reservoir", Pantheon notes.
Chief Executive Officer Jay Cheatham says: "Pantheon has now drilled a horizontal well exceeding 5,000 feet through our target formation from a gravel pad along the Dalton Highway [in Alaska] and successfully executed 30 stimulation treatments over that horizontal length."
Current stock price: 94.50 pence
12-month change: up 51%
By Xindi Wei; xindiwei@alliancenews.com
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