Pantheon Resources PLC Announces Megrez-1 Well Discovery
Rhea-AI Summary
Pantheon Resources has announced a significant discovery at the Megrez-1 well in Alaska's North Slope. The well has penetrated multiple horizons containing light liquid hydrocarbons over a 1,260ft vertical interval. Key findings include:
- Three hydrocarbon-bearing zones identified with porosities above 20%
- Light liquid hydrocarbons found across 2,060ft measured depth
- 60ft core taken with 100% recovery
- 50 sidewall cores collected across all three intervals
The company has completed operations within time and budget constraints, and has installed production casing for long-term testing scheduled to begin in early 2025. Detailed analysis of cores and reservoir characteristics is expected to be completed by February 2025.
AI-generated analysis. Not financial advice.
Positive
- Discovery of multiple hydrocarbon-bearing zones with high porosity (>20%)
- Operations completed within time and budget
- Well prepared for long-term production testing
- Strategic location near pipeline and transportation infrastructure
Negative
- Third and deepest top set (TS9) not well developed in this location
- Several months needed for complete data analysis before production testing can begin
News Market Reaction – PTHRF
On the day this news was published, PTHRF gained 14.63%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("MAR")
Pantheon Resources plc
Megrez-1 well discovery - penetrates multiple horizons containing light liquid hydrocarbons over 1,260ft vertical interval
LONDON, UNITED KINGDOM / ACCESSWIRE / December 10, 2024 / Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, today announced the Megrez-1 well as a discovery in the eastern topsets in the Ahpun field. The well has reached Target Depth ("TD") and the Company has run 5 ½" production casing in anticipation of long term testing commencing early 2025.
Key Points
Megrez-1 has discovered a large light liquids hydrocarbon column (based on logs and gas chromatography)
Log analysis indicates three hydrocarbon bearing zones over a ~1,260 foot ("ft") vertical section including the two primary objective formations
Significant portions of the reservoirs encountered exhibited porosities above
20% , as anticipated pre-spudMore accurate porosities and permeabilities will be determined after detailed analysis of whole cores has been completed
Operations have been completed in line with time and cost budgets, comprising gathering a full suite of wireline logs including sidewall cores throughout the interpreted reservoir intervals and a whole core in one of them
Preliminary analysis indicates that Megrez-1 has intersected multiple horizons containing light liquid hydrocarbons over some 2,060ft of measured depth ("MD") (1,260ft vertical ("TVD")). Multiple reservoirs were contained in this overall section consisting of interbedded sands and shales. All of the penetrated hydrocarbon bearing intervals are of Maastrichtian age. More specifically:
Top Set 1 from 5,950ft - 6,440ft TVD (7,140ft - 7,940ft MD) and Top Set 3 from 6,440ft - 6,700ft TVD (7,940ft - 8,360ft MD) are interpreted as containing light liquid hydrocarbons
In addition to the topsets prognosed pre-drill, the well encountered the Upper and Lower Prince Creek formations (shallower top sets), interpreted as containing light liquid hydrocarbons over a 510ft gross vertical interval from 5,440ft - 5,950ft TVD (6,300ft - 7,140ft MD)
The third and deepest top set originally prognosed to be penetrated (TS9) was not well developed in this location
A 60ft core was taken from 8,298ft - 9,358ft MD (6,665ft - 6,702ft TVD), within Top Set 3 with
100% recovery50 sidewall cores were taken across all three intervals interpreted as containing light liquid hydrocarbons
Over the coming weeks and months, the Company will be evaluating a large data set gathered from the well, including whole core (which has been sent to independent labs for assaying), VAS analysis (Volatiles Analysis) of cuttings, logs and sidewall cores, with preliminary analysis estimated to be completed during February 2025. These analyses will be used to determine more detailed reservoir characteristics and begin the planned extensive long term production testing programme. This will benefit from the availability of the Nabors-105AC rig which is stacked on the Megrez gravel pad, adjoining the Dalton Highway, until required.
Bob Rosenthal, Technical Director of Pantheon Resources, said: "This is an excellent result, justifying our assessment of both the geological chances of success and the likelihood of encountering commercially viable resources. We are now evaluating the extensive data gathered in the well, which will take some time, but will provide us with maximum information to design well testing . Tony Beilman and the team have done a great job in delivering this well on time and budget, including gathering a full suite of wireline logs and a whole core.
"It's early days in the evaluation of the well results. The full significance of these results will become clearer once the data are analysed and after production testing, expected during Q1 2025."
In accordance with the AIM Rules - Note for Mining and Oil & Gas Companies - June 2009, the information contained in this announcement has been reviewed and signed off by David Hobbs, a qualified Petroleum Engineer and a member of the Society of Petroleum Engineers, who has 40 years' relevant experience within the sector.
For further information, please contact:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
USA Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
AboutPantheon Resources
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of
A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl (million barrels) of ANS crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Pantheon Resources PLC
View the original press release on accesswire.com