LONDON (Alliance News) - Oil & gas company Pantheon Resources PLC on Friday reported initially disappointing results from the Winx-1 exploration well onshore Alaska, with weak oil shows and high water saturation.
Pantheon Resources has a 10% working interest in the well, while Red Emperor Resources NL and 88 Energy Ltd are partners in the Western Blocks joint venture, which the Winx-1 well is part of.
Shares in Pantheon Resources dropped 20% to 19.85 pence on Friday, while 88 Energy shares plunged 32% to 0.70p and Red Emperor even further by 56% to 1.79p.
Operator 88 Energy reported weak to moderate oil shows while drilling in the Nanushuk formation in the well but initial petrophysical analysis revealed high water saturation.
In addition, the shallower secondary target known as Seabee turbidite revealed no evidence of hydrocarbon saturation.
The forward plan for the well is to continue drilling to test the deeper objectives.
"Whilst initial data for Winx-1 is disappointing, more petrophysical work is necessary to determine the viability of the upper horizons, and we are yet to reach the deeper target. The Winx prospect where we have a 10% carried interest with an additional 10% back in right, is wholly independent of the other prospects in the Pantheon/Great Bear portfolio," said Jay Cheatham, chief executive of Pantheon.
88 Energy (88E)
Pantheon Res (PANR)