(Alliance News) - Pantheon Resources PLC said on Friday that it was "pleased" by the preliminary findings of its data exchange with 88 Energy Ltd, which Pantheon Resources said provided "valuable data" on its southern lease boundary.
Pantheon Resources is an oil and gas company focused on onshore operations in the US, including several large projects on Alaska's North Slope. 88 Energy is an oil and gas exploration and production company with interests in Alaska and Texas. Both are AIM listed in London.
Pantheon Resources and 88 Energy entered into the well data exchange agreement, trading the data from Pantheon Resources' Talitha A well for 88 Energy's Hickory 1 well. Data integration was in collaboration with Schlumberger Ltd.
Pantheon Resources said: "This additional well penetration of the discovered hydrocarbons, approximately 150 metres from Pantheon's lease boundary, is an important "well control" point providing Pantheon with valuable data on our southern lease boundary at no cost and allows us to incorporate this into subsurface modelling of the various horizons to obtain even greater confidence in the subsurface and discovered oil."
Pantheon Resources said that the preliminary data confirmed multiple stacked pay zones, including two lobes of a sloped fan system, which confirmed its "pre-Hickory drill interpretation".
Bob Rosenthal, Pantheon Resources' technical director, commented: "The hydrocarbons discovered at the Hickory well is a great outcome for all companies exploring and developing the large oil resource close to the Dalton Highway and the Trans Alaska Pipeline. These large resources are in tight oil-bearing formations where we will utilize unconventional oil extraction technologies on conventional reservoirs to improve oil recoveries."
Rosenthal added: " The Hickory discovery well is another important data point that provides an increased understanding of the subsurface in close proximity to our existing discoveries. It also confirms the extension of our reservoirs to our southern border. We all benefit by amalgamating our technical data to produce the best outcome for both companies."
Shares in Pantheon Resources were down 3.9% at 20.19 pence, while shares in 88 Energy were down 1.5% at 0.47p, in London on Friday.
By Emma Curzon, Alliance News reporter
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Pantheon Res (PANR)
88 Energy (88E)