Pantheon25 Feb 2019 07:05
Jay Cheatham, CEO of Pantheon, said:
"We have worked tirelessly to be in a position to test Alkaid so soon after completion of the Great Bear acquisition last month. We hope and expect that Alkaid borehole conditions will allow us to undertake a full evaluation of the oil encountered in the three independent zones. The Alkaid project along with Winx, currently drilling, provide enormous potential for Pantheon shareholders with both these exploration wells targeting multi-hundred million barrel oil accumulations, augmenting a portfolio of other major projects on the North Slope on our acreage. A success in Alkaid or Winx could herald a major discovery, following the major regional discoveries such as Pikka, Willow and Horseshoe over recent years.
Following the acquisition of 2/3 of the Vision entities from Kaiser Francis last month, I am very pleased to report work has already commenced on a detailed geological review of our Tyler & Polk County assets in East Texas. Our new technical team has already had initial discussions with the Bureau of Economic Geology at the University of Texas, in Austin, the very group that partnered the +3 year geological study of our East Texas assets a number of years ago. The team see great similarities to the geology of our assets in Alaska and are convinced the application of some of the techniques (such as 'high-tech geophysics') that have been so successful in Alaska over recent times would have great efficacy in East Texas. Discussions are underway with leading practitioners of 'high-tech geophysics' with a view to undertaking such work on our East Texas assets to enhance our understanding and maximise future drilling and operational efforts. Once we have completed this additional work and completed our analysis, which we are confident will yield an additional layer of understanding, we will provide an update on the anticipated drilling plans in East Texas. With Pantheon having now assumed control over operatorship of the East Texas assets, we are committed to doing everything possible to minimise a repeat of the operational issues we have experienced in the past. With the depth of talent we have acquired in the recent acquisition it is obvious to me that we should utilize this to its maximum."
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