(Alliance News) - Alaska-focused oil & gas company, Pantheon Resources PLC, said it was discussing potential farmout opportunities on Friday, after upgrading its resource estimate for the SMD area in its Talitha #A well.
Shares in Pantheon were trading up 19% at 62.10 pence each in London on Friday morning as the company completed internal analysis of the SMD-B zone.
The SMD interval is the shallowest of five intervals in the Talitha #A well - located on the North Alaskan Slope - and contains three areas labelled SMD-A, SMD-B and SMD-C, the company noted.
The data obtained at the Talitha #A well allowed Pantheon to integrate well log response and core data with seismic petrophysics to more accurately map this interval.
According to the company's upgraded analysis, the SMD-B zone has the potential to contain 2.6 billion barrels oil in place and a P50 contingent resource of 404 million barrels of recoverable oil.
Previous guidance from Pantheon indicated the presence of 1.8 billion barrels of oil in place and 484 million barrels of contingent resource calculated across all three zones.
Also on Friday, the company confirmed that it has entered farmout discussions with "a number of groups" interested in taking a percentage of its Alaskan projects.
Pantheon said it plans to complete fundraising or a farmout agreement by the fourth quarter of 2021 to finance future drilling and testing.
In the coming year, the firm said it would aim for "an active work programme to test all zones of the Talitha #A well and to drill at least one other well at either Alkaid or Theta West. An Alkaid development well has the benefit of being able to be hooked up to production to generate revenues shortly after completion, and a Theta West well has the attraction of testing a globally significant play which offers tremendous potential for value creation".
By Scarlett Butler; scarlettbutler@alliancenews.com
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Pantheon Resources plc (PANR)