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(Alliance News) - Pantheon Resources PLC shares were up on Thursday, after it said it has completed the clean out of the sand blockage in the Alkaid 2 well, Alaska.
Pantheon Resources is a London-based oil and gas exploration and production company focused on the US state of Alaska. It fully owns several oil projects spanning 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope.
The company's shares were up 3.4% at 55.65 pence each in London on Thursday morning.
Pantheon said that the clean out of the sand blockage in the Alkaid 2 well is now complete. The Nordic Calista 2 rig has moved off the Alkaid 2 well head after replacing the production tubing.
It noted that the beginning of these operations were delayed due to poor weather and a number of electrical and hydraulic issues with the rig. These have now all been resolved.
The company is now connecting Alkaid 2 to the production facility in preparation for the resumption of the long term production testing operations which will recommence shortly.
The entire facility will now run on power completely generated with produced gas without any ancillary equipment, it added.
Chief Executive Jay Cheatham said: "I'm excited to resume flow testing soon, with a clean wellbore which will flow directly into our impressive permanent facility, which was designed, procured, built and commissioned in a single season.
"We encountered a number of equipment issues which slowed progress over the past few weeks but I am happy to report that all these are now behind us and we can look forward to continuing flow testing."
By Sophie Rose, Alliance News reporter
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