(Alliance News) - Pantheon Resources PLC on Tuesday confirmed oil bearing formation following the completion of its resource assessment of the Kuparuk formation at its Talitha project in Alaska.
The oil and gas exploration company said Talitha project contains three independent target geological horizons, each with different reservoir trap geometries, qualities and risk profiles.
All three of the formations were were confirmed as oil bearing. The deepest of these three horizons is estimated to contain 1.4 billion barrels of oil in place.
The company has modelled a development plan for the zone with 62 producing wells.
Pantheon intends to drill a well at Talitha in early 2021.
Chief Executive Jay Cheatham said: "If we can complete a farmout in time to drill this winter, Talitha has the potential, if successful, to be the most impactful well of my 50 year career. Having run Arco's international business and also its upstream Gulf of Mexico area business, you dream about these opportunities.
"It has taken over a decade of work to delineate and advance this opportunity to "drill ready" status. This appraisal well will test three separate and independent targets which collectively offer the potential for greater than a billion-barrels of recoverable oil."
Pantheon shares were down 6.9% at 42.42 pence each in London on Tuesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Pantheon Res (PANR)