(Alliance News) - Pantheon Resources PLC said on Monday that it has completed testing operations at the Lower Basin Floor Fan at Talitha A in Alaska.
Shares in Pantheon Resources were up 29% at 106.13 pence on Monday morning in London.
The London-based oil and gas company said that three intervals were individually stimulated and flow tested, producing high quality 35 to 39 degree American Petroleum Institute gravity oil.
Pantheon explained that the testing intervals averaged 73 barrels of oil per day over a three-day test period. On the final day of testing, the well was flowing at a sustained rate of approximately 40 barrels of oil per day.
The company added that its drilling at Theta West, also in Alaska, is on track and on budget. It continued that the well is expected to reach total depth either Monday or Tuesday. Future drilling and testing results will be announced as received, Pantheon said.
By Heather Rydings; heatherrydings@alliancenews.com
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Pantheon Resources plc (PANR)