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(Sharecast News) - Alaska North Slope-focussed oil and gas company Pantheon Resources updated the market on the spudding of the Theta West #1 Well on Monday, reporting that following the completion of preparation work, the Nordic Calista #3 rig had mobilised 8.5 miles to the Theta West location where it spudded the well at 2200 GMT on 21 January.
The AIM-traded firm said that as at 2200 GMT on 23 January, it was drilling ahead at a depth of 1,874 feet.
It said Theta West #1 was targeting two primary targets - the Upper Basin Floor Fan, and the Lower Basin Floor Fan.
Combined, those horizons were estimated to contain 12.1 billion barrels of oil in place with an estimated 1.4 billion barrels of recoverable resource.
The top of the formation was estimated at a depth of about 7,600 feet, with an estimated reservoir thickness of 1,300 feet.
Pantheon said its forward plan was to drill to target depth, estimated at around 9,200 feet, case the hole, and begin testing operations on both the Lower Basin Floor Fan and Upper Basin Floor Fan.
The firm said it would make further announcements as significant information occurred during those operations.
At Talitha #A, meanwhile, Pantheon said that prior to relocating to the Theta West #1 location, the Nordic Calista #3 rig completed preparations for testing operations at the Talitha #A well, which included a plugging operation on the Kuparuk Zone.
The Kuparuk would be the focus of a future well.
A Schlumberger fracking unit and the 'XPRO' flowback testing equipment were mobilised and now on location.
Testing operations started over the weekend, and would begin from the lowest formation - the Lower Basin Floor Fan - before proceeding sequentially to the two shallower Slope Fans which would be tested together, and the Shelf Margin Deltaic horizons.
A coiled tubing unit used for flow testing operations would move to the location after completion of the frack job.
Talitha #A was drilled in 2021, and encountered five independent oil horizons, all confirmed as being oil bearing - the Shelf Margin Deltaic, the Slope Fan System, the Upper Basin Floor Fan, the Lower Basin Floor Fan, and the Kuparuk.
Independent volatiles analysis undertaken by Advanced Hydrocarbon Stratigraphy and Baker Hughes took 416 cuttings during drilling of the well over a 3,700 feet section spanning the five horizons, with every sample confirming the presence of oil.
"The spudding of the Theta West #1 well marks another important day for Pantheon shareholders," said chief executive officer Jay Cheatham.
"As happened last year, our contractors have built the ice roads and drilling pads safely and on schedule.
"This has enabled us to have our equipment on both locations by mid-January, maximising our time to complete our planned two well winter campaign."
Cheatham described the simultaneous operations at Theta West and Talitha #A as a "first" for the company.
"Following these wells, we intend to drill the Alkaid 2 well in spring [and] summer 2022 which, if successful, can commence production soon thereafter.
"These wells test very large targets and have the potential to be very material for all shareholders, if successful."
At 1007 GMT, shares in Pantheon Resources were up 0.14% at 73.8p.
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