Pantheon Resources PLC - oil & gas exploration company with assets in Alaska and Texas - Says testing of deepest zones at Talitha A well, Alaska sees flow rates if 100 barrels of oil per day, which Pantheon says is "disappointing". Notes a "number of operational issues". "The Kuparuk horizon at this location was overpressured which was both unexpected and unlike any known Kuparuk well regionally, which caused challenges in testing. The four normally pressured shallower zones, all of which encountered light oil and offer excellent potential based upon analysis to date, will be tested in a future programme," Pantheon says. Conversely, company is "extremely encouraged" by analysis of shallower zones at well. Pantheon adds: "Pantheon's potential for the shallower zones has increased and been de-risked with the discovery of oil based on logging, sidewall core data and analysis from Baker Hughes AHS in each of these formations. Accordingly, the company has started work on updating its resource estimates across these shallower zones."
Current stock price: 22.95 pence, down 42% on Monday
Year-to-date change: down 47%
By Eric Cunha; ericcunha@alliancenews.com
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Pantheon Res (PANR)