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(e) Unless disclosure is required under Article 17 of MAR, an AIM company may delay
notifying information under this rule if it is an impending development or a matter in
the course of negotiation provided such information is kept confidential. The AIM
company must ensure it has in place, in accordance with rule 31, effective procedures
and controls designed to ensure the confidentiality of such information to minimise the
risk of a leak.
JS490
This from the RNS of 25 Feb
Each of these zones has major productive oil field analogues nearby, providing confidence in understanding the potential reservoir development options in the event of successful testing operations. Updates will be provided at the conclusion of testing operations, or as otherwise required in accordance with AIM rules.
It's the " in accordance with AIM rules". That is interesting as AIM rules say that "an AIM company must issue notification without delay any developments which if made public could lead to a significant movement in the SP".
So we shall see.GLA
Wellbore integrity has now been evaluated through the performance of a Cement Bond Log (CBL) procedure and a casing mechanical integrity (pressure) test. Results indicate that the condition of the casing and cement is sufficient for the planned perforating and testing operations. It is expected that additional cement work may be required if fracture stimulation is undertaken.
"Shareholders will be aware that wireline logging (and sidewall coring of the ZOI horizon) took place in the Alkaid well in 2015. The data collected and analysed from that historical activity drove the decision to proceed with the current testing program. The Alkaid is targeting the West Sak, Ugnu and ZOI formations all of which are completely independent of the results of the Winx well. We will of course report Alkaid results upon the conclusion of testing operations."
-ENDS-
Jay Cheatham, CEO of Pantheon, said:
"Following completion of our acquisition of the Great Bear Petroleum Alaskan assets last month, it is fantastic to be able to commence drilling operations so soon. Winx-1 is a very high impact exploration well, and we are very fortunate to have the ability, through a back in right, to double our working interest to 20% within 6 months of the earlier of well completion, temporary abandonment or suspension.
"I am also very pleased to report to shareholders that there is an immense amount of activity occurring within our company at present. Preparations for the Alkaid well test in Alaska are at an advanced stage and we look forward to updating shareholders on planned operations shortly. Additionally, we are undertaking a detailed technical review of both our East Texas assets as well as our Alaskan assets and I am extremely pleased with how well the geological and operational personnel from both companies are working together as we integrate our businesses."