Wow17 May 2021 08:46
Jay Cheatham , CEO of Pantheon Resources , commented, "We set out to prove that the Talitha and Theta West projects had the potential to contain over one billion barrels of oil recoverable from four distinct zones. Our drilling and testing operations have generated extremely high quality data which has led us to interpret that just one of our five prospective zones has the potential to achieve that target of greater than one billion barrels of recoverable oil, even despite using conservative recovery factors. I have often said good, big oil fields get bigger over time. As a reminder, the original estimate for oil in place at Prudhoe Bay was 10 billion barrels of oil, with three billion barrels recoverable. Current estimates predict that Prudhoe Bay will actually recover more than 15 billion barrels, or more than the original OIP estimate."
"Theta West has the potential to grow both in size and through higher recoveries. It is also worth remembering that Talitha discovered oil in the Kuparuk, Shelf Margin Deltaic and Slope Fan System. We will soon turn our attention to updating our resource estimates for those formations. We believe the Talitha #A well, which was proven as oil bearing across all our main targets, was an outstanding exploratory success for our Company. It has allowed us to upgrade our entire portfolio and has given us numerous high impact projects to pursue which have all been significantly de-risked."