Pantheon Resources PLC - London-based oil and gas company focused on Alaska - Commences operations on the Alkaid oil accumulation with the spudding of horizontal well Alkaid-2, using the Nabors 105AC drill rig. The well has three main objectives: production testing a proven oil formation first found in Alkaid 1, exploring the deeper potential for oil in that zone and appraising an extension of oil discovered in the Shelf Margin Deltaic at Alkaid-1 and Talitha-1.
"As our first horizontal well, Alkaid-2 is an important operation for Pantheon. The long-term production test through the horizontal section will define the resource and aid the understanding and future development potential of Alkaid. But most importantly, if successful, it will begin generating revenue for the company. The Alkaid-2 well is the first production well in this new oil field using unconventional technology," said Chief Executive Officer Jay Cheatham.
Current stock price: 87.17 pence
12-month change: up 74%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Pantheon Res (PANR)