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Pantheon Resources PLC - London-based oil and has company focused on Alaska - Says that testing of the lower basin floor fan at its Theta West 1 well has started. Says that the well is flowing high-quality oil to the surface that likely exceeds its pre-drill resource estimates of 1.2 billion barrels of oil. Notes that the well delivered oil at rates that averaged over 57 barrels of oil per day with peak rates exceeding 100 barrels of oil per day over 2 and a half days. Over the final day before the shut-in, the well was averaging approximately 59 barrels of oil per day.
Says that testing operations are currently suspended due to the extreme weather. Notes that there is a possibility that testing may resume if the conditions improve before the conclusion of the Arctic operating season.
"Extreme weather conditions have interrupted testing Theta West. Crucially, however, we have collected enough data to confirm our expectations that we have discovered, and now appraised, an extensive resource which we believe meets or exceeds our pre-drill estimates," Chief Executive Jay Cheatham says.
Current stock price: 138.20 pence, up 11%
12-month change: up sharply from 41.10p
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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