While we await Megrez-1 TD...29 Nov 2024 13:53
..here’s a look at an extract of the RNS when they reached TD on Talitha #A on 15 February, 2021, so the kind of info we might expect : Talitha #A - Operations Update Target depth reached - four distinct oil-bearing zones identified Moving to testing phase.
Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with a 100% working interest (1) in a number of oil projects adjacent to transportation and pipeline infrastructure on the Alaska North Slope is pleased to provide the following update on the Talitha #A well. Talitha #A update (100% working interest) (1)
The Talitha #A well has successfully reached target depth at 10,452 ft. The well has been logged and sidewall cores taken, which have been sent to third party labs for assaying. The Company cautions that all analysis is preliminary at this stage, and testing is required before making any definitive assessments. Based on preliminary analysis, the well has penetrated all objective formations and encountered oil in each of them. Four distinct oil-bearing zones have been identified described in more detail below. [you should take a look at the RNS to see the extent of detail given for each of the zones] The current plan is to test the Shelf Margin Deltaic ("SMD"), Basin Floor Fan (two separate zones) and the Kuparuk zones. Testing all zones is critical to determine ultimate commerciality.
(note 1) The transfer of the 10.8% WI acquired from Otto Energy remains conditional upon approval by the Alaska Department of Natural Resources.
Bob Rosenthal, Technical Director, stated: "We are very encouraged with operations to date; it's definitely a case of 'so far, so good'! We have penetrated all our objective formations and encountered oil in each of them - this is a great result so far. Drilling has gone smoothly and we have a borehole in good condition which has allowed us to obtain valuable, high quality data to formulate a testing program in all our zones of interest. As always, we caution that testing is critical to establish the commercial viability of the oil that appears present in the Talitha structure.
Preliminary analysis suggests that the well has multiple horizons with potential to be commercial, but is not yet proven and we remain cautiously optimistic.
The Talitha #A location was selected to test the primary SMD zone in the optimal location whilst penetrating as many of the other secondary targets acknowledging their respective suboptimal locations, and to test whether they were oil bearing."
"Successfully recovering oil to surface from these zones will be important in moving prospective resources (i.e. exploration) to contingent resources (i.e. discovered) and confirming the potential commerciality of major oil accumulations within the Talitha structure. The discovery of significant quantities of oil in this location would have very important ramifications for future exploration in the area.
[Jay also adds comments]
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