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Pantheon Resources - PANR

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Re: Pantheon Resources - PANR

#480038

Postby slartybartfast » February 11th, 2022, 4:17 pm

Probably going to be squeaky bum time Monday morning 7am eh Proselenes?

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Re: Pantheon Resources - PANR

#480279

Postby Proselenes » February 13th, 2022, 1:12 am

The proof, as they say, is in the pudding.

If Theta West has oil - then its going to be the one of the biggest oil discoveries ever (and already proven to flow as distal location from Talitha).

If not then its not going to be pretty, however, they still have a lot of proven oil at Alkaid and Talitha.

So its not so much a binary bet..........as its a lower risk bet on discovering one of the worlds biggest oilfields.

I hold...............

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Re: Pantheon Resources - PANR

#480652

Postby Proselenes » February 15th, 2022, 7:02 am

Bit of a mixed bad........ operational issues clouding the result so far.

https://www.londonstockexchange.com/new ... e/15328377

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Re: Pantheon Resources - PANR

#481163

Postby Proselenes » February 17th, 2022, 12:34 pm

Hoping for news next week on SFS testing and Talitha and also an Ops Update from Theta West saying casing has been run and now proceeding to run wireline logs in the cased hole.

SFS (Slope Fan System at Talitha) should flow well.............fingers crossed.

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Re: Pantheon Resources - PANR

#481802

Postby Proselenes » February 21st, 2022, 7:02 am

Another superb flow test result !!!!!

https://www.londonstockexchange.com/new ... e/15335548

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Re: Pantheon Resources - PANR

#481803

Postby Proselenes » February 21st, 2022, 7:04 am

Jay Cheatham, CEO, said "Once again we have an excellent result from the Talitha #A testing. Similar to the Basin Floor Fan ("BFF"), we had two goals in testing the SFS: (i) to prove we had moveable oil, and (ii) to prove high quality oil. We have achieved both of these. I was on location in the flow back trailer and collected the crude personally, which is indeed light and sweet. We exceeded original expectations with the flow rates achieved from these two sand bodies. We now believe the Slope Fan extends east near the Dalton Highway giving us additional potential resource developable from gravel along the highway. The issue encountered at Theta West typify some of the frustrations in drilling and completions; thankfully we had a contingency built into our planning."

Bob Rosenthal, Technical Director, said "This is fantastic result particularly given we only perforated two, five foot intervals in a vertical well. This test confirms light oil in the SFS which is not accounted for in any of our resource assessments. As we do further work, we expect an upgrade to our resource numbers for these results. Encouragingly, our testing to date suggests that we could be in the sweet spot for finding light oil on the North Slope. So far, we have tested light oil in four hydrocarbon accumulations: (i) the Alkaid (deep) anomaly, (ii) the Lower BFF, (iii) the Slope Fan System upper lobe, and (iv) the Lower Slope lower lobe."

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Re: Pantheon Resources - PANR

#484026

Postby Proselenes » March 3rd, 2022, 11:11 am

Looks like Theta West rig is moving off site today, which should mean all is ok and moving to testing.

Image

https://511.alaska.gov/map#Closures-ERS--1505


So next news likely SMD flow testing at Talitha and then the big one.......Theta West flow testing.

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Re: Pantheon Resources - PANR

#484202

Postby Proselenes » March 4th, 2022, 12:54 am

Interesting trade in the US yesterday.

633,300 purchased well above the offer price, at 1.93 USD.

Thats a buy order for 1.22 million US dollars filled. Thats a confident buy.


Image


Of course, if the rig is moving off of site, it would mean by default that "cased hole wireline logging" has been completed, if it was done, as you need the rig to run the wireline logging. So if cased hole logging has been done, the results are readily available now. Interesting times..........

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Re: Pantheon Resources - PANR

#484213

Postby Proselenes » March 4th, 2022, 7:03 am

Off we go.

SMD run into problems and will be retested later if time.

Theta West is ok to go......testing starting next week.

https://www.londonstockexchange.com/new ... e/15353346

.

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Re: Pantheon Resources - PANR

#484215

Postby Proselenes » March 4th, 2022, 7:11 am

The main thing is Theta West is ok.......as was posted when we found the rig was moving yesterday.

Thats the big one.

SMD is disappointing but nothing is lost or changed and all being well they can return to test again after Theta West.

Theta West flowing is the biggie....and given the BFF flowed well at Talitha and this is updip and better reservoir, now they have casing set and ready to test, it should be pretty much bolted on it will flow well. So a couple of weeks to the big big news now.....its all behind pipe and safe and ready to be tested.....risk is definitely reduced now.

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Re: Pantheon Resources - PANR

#487107

Postby Proselenes » March 17th, 2022, 10:33 am

New Theta West video from @PantheonResour1

https://www.youtube.com/watch?v=yAsJQZZn8l0

.

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Re: Pantheon Resources - PANR

#488749

Postby Proselenes » March 24th, 2022, 7:17 am

News today........bit of a mixed bag. Will be liquidating my holding today and taking profits.

Good it flows thats the saving grace.....but very much below the experts 100 to 150 bopd estimates with stable rate at 59bopd. Given the reservoir was supposed to be "far better" than at Talitha, its not delivered far better flows.

SMD testing appears gone now.
UBFF at Theta West appears gone now.

Good on the outside and the share price will rise, but a mixed bag imo.

Anyway, being honest, I will be selling the remainder into todays rise. Good luck all.

Might come back ahead of Alkaid drilling in the summer.

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Re: Pantheon Resources - PANR

#502075

Postby Proselenes » May 22nd, 2022, 10:01 am

Peel Hunt put out a sell note with 50p target price on PANR.

Link to a summary is below :

https://i.ibb.co/f9Kb99G/PAN.webp

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Re: Pantheon Resources - PANR

#506478

Postby Proselenes » June 11th, 2022, 11:54 am

Decent write up and I agree with the conclusion........

https://original.newsbreak.com/@kev-m-1 ... -resources

Company Overview

PANR is a ~$1.2b market cap independent O&G exploration and production company listed on the London AIM market. While incorporated in the UK, its business is focused on an enormous oil resource on the Alas......................

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Re: Pantheon Resources - PANR

#509453

Postby Proselenes » June 25th, 2022, 2:30 am

Worth reading this again :

https://www.energyvoice.com/oilandgas/a ... roduction/


And remembering, there "Should be" lots of positive news.

Alkaid-2 spud

Alkaid-2 vertical well logging results.

Alkaid-2 resource upgrades from previously undrilled deeper Brookian

Alkaid-2 any testing of new discoveries in vertical well.

Alkaid-2 spud of Horizontal

Alkaid-2 frac complete

Alkaid-2 initial flow results from horizontal.


Thats a lot of news and a lot of potential share price upside. The risk of Alkaid-2 is deemed to be the "decline rate" but that will not appear until months after initial flow of the well, hopefully.

So from a trading perspective, while risk is still there of the normal drilling and testing screw ups........... there should be a real good run of good news through August/Sept/Oct/Nov.

I still believe we will see 175p at some point in September.

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Re: Pantheon Resources - PANR

#509888

Postby Proselenes » June 27th, 2022, 1:11 am

Alkaid-2 spud expected to be around 15th of July.

Latest photo :

https://twitter.com/PantheonResour1/sta ... 9886445568

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Re: Pantheon Resources - PANR

#510167

Postby Proselenes » June 28th, 2022, 9:25 am

New WHI note on PANR. Fair value target price increased to 208p a share.

Download link below (PDF file).

https://gofile.io/d/oWcWot

.

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Re: Pantheon Resources - PANR

#510622

Postby Proselenes » June 29th, 2022, 12:06 pm

https://www.proactiveinvestors.co.uk/co ... 86078.html

Pantheon Resources "elephants" have broker excited

The lower basin floor fan of the Theta West structure is the "giant elephant" but the broker also has high hopes for the Alkaid#2 appraisal well, aka the "baby elephant"........................................

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Re: Pantheon Resources - PANR

#510624

Postby Proselenes » June 29th, 2022, 12:07 pm

New video :

Alkaid Pad - Ready for the Rig

https://www.youtube.com/watch?v=Jf2qxvy8iKA

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Re: Pantheon Resources - PANR

#512350

Postby Proselenes » July 7th, 2022, 7:08 am

Spudded.

https://www.londonstockexchange.com/new ... l/15529473

Pantheon Resources plc

Spudding of Alkaid #2 Well

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM listed oil and gas company with a 100% working interest in all of its oil projects spanning c. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope ("ANS"), is pleased to announce the following updates.


Spudding of Alkaid #2 Well

Operations have commenced on the Alkaid oil accumulation with the spudding of Alkaid #2, the Company's first horizontal well on the ANS, using the Nabors 105AC drill rig. The rig is larger than those previously used, with increased capacity, and can undertake multiple functions. As of 8 PM BST on 6 July, Pantheon was drilling ahead at a depth of approximately 300 feet.

The Alkaid #2 well will assess three impactful objectives over multiple formations:

(i) Production testing a proven oil formation encountered in Alkaid #1

(ii) Exploring the deeper potential for oil in that zone

(iii) Appraising an extension of oil discovered in the Shelf Margin Deltaic at Alkaid #1 and Talitha #1.


The Alkaid #2 well is located adjacent to the Dalton Highway and Trans Alaska Pipeline System (TAPS) which are the main transportation highway and export pipeline, respectively, and approximately 4.5 miles from the Alkaid #1 discovery well drilled in 2015. A key objective of this well is to gain robust production test data to accurately assess the ultimate potential of the reservoir. Whilst the Company believes the optimum well design to exploit the Alkaid anomaly would include +8,000 foot lateral sections, in this first well the Company will adopt a more conservative approach with a shorter lateral simply to minimise operational risk.

Alkaid Horizon Resource Summary

Oil in Place (OIP)1

900 mmbo

Recoverable Resource (10-15%)1

90-135 mmbo

Recoverable Resource (2020 IER)

76.5 mmbo

NVP (10) at $55/bbl (2020 IER)2

$595 million



1 Management estimate

2 Prevailing realized oil price of $55/bbl held flat used in the Independent Expert Report published in January 2020. This estimate discounted certain parts of the field by 50%, and hence is considered by the Company a conservative estimate.


Long Term Production Testing

The primary function of Alkaid #2 is to conduct a long term production test on the oil zone previously tested at Alkaid #1. If successful, Pantheon will truck the produced oil to Pump Station #1, located approximately 20 miles north of Alkaid, and sell the produced oil to a nearby North Slope facility.

Alkaid #1 tested an average of over 100 BOPD via a small "through-tubing single frac", which perforated six feet of the 240 feet net pay interval. Alkaid #2 will test this same zone through a long horizontal section accessing several thousand feet of oil bearing section.

Deeper Exploration Potential

Alkaid #2 also has significant exploratory potential immediately below the total depth at Alkaid #1. As part of the current drilling programme, the Company intends to evaluate the extent of this deeper oil column.

Alkaid #1 was terminated within the oil zone at a time when regional flooding of the Dalton Highway occurred. Based on seismic and other analytical analysis, the Company believes the Alkaid horizon's oil zone is substantially thicker than drilled to date, offering the potential for additional resource growth to that outlined above and which will be assessed in the Alkaid #2 well. This increased resource potential combined with current oil price forecasts, as opposed to the $55/bbl used by the Independent Expert in 2020, could have a material impact on any new resource valuation.

Appraisal of Shelf Margin Deltaic ("SMD")

The recent oil discovery at Talitha #A in the Shelf Margin Deltaic formation has upgraded the potential for the SMD to produce oil at the Greater Alkaid location, as well as at the Talitha project. Pantheon estimates the SMD contains 2.6 billion barrels OIP and a Contingent Resource of 404 mmbo. In a success case, the Company believes a large portion of this resource could be developed from the Dalton Highway which would represent a considerable near term development opportunity, especially if combined with the deeper oil zone utilising the same production infrastructure.


A successful programme at Alkaid #2 would yield early cashflow which is of significant value at current oil prices. The Alkaid #2 horizontal well will be Pantheon's first long term production test well in Alaska and will utilize unconventional oil production technologies applied to conventional oil reservoirs to maximize potential reserves and production, which has now become standard operating procedure across the entire ANS. The industry has transferred these technologies from the Lower 48 states into Alaska to develop this higher quality oil in the stratigraphic Brookian sections containing billions of barrels of recently discovered oil. Additionally, the Greater Alkaid oil accumulation sits underneath and adjacent to the TAPS pipeline and the Dalton Highway which is a material advantage as it is ideal for year-round "Phased Development". This would minimize upfront capital expenditure and allow for future capital needs to be partly funded through production revenues, yielding higher Internal Rates of Return.


Jay Cheatham, CEO of Pantheon Resources, commented, "As our first horizontal well, Alkaid #2 is an important operation for Pantheon. The long-term production test through the horizontal section will define the resource and aid the understanding and future development potential of Alkaid. But most importantly, if successful, it will begin generating revenue for the Company. The Alkaid #2 well is the first production well in this new oil field using unconventional technology. As is typical in the industry, we will apply what we learn from this well to subsequent wells in order to optimise future drilling, testing and production.

"The appraisal of the Shelf Margin Deltaic and the deeper portion of the Alkaid horizon has the potential to provide significant upside combined with our other discoveries. Commercial success at any standalone project, along with our geographic location, onshore and adjacent to export infrastructure in a low sovereign risk jurisdiction, would be transformational for Pantheon."


Bob Rosenthal, Technical Director, commented, "Alkaid #2 marks Pantheon's transitioning process from explorer to producer, where we now begin to focus on optimising the development of these large resources. As for any new field, being the first horizontal well, we will be conservative in our drilling to minimise the chances of operational issues and assist in future well design.

"We have discovered a lot of oil on the ANS across our Theta West, Talitha and Greater Alkaid projects which are estimated by management to contain over 23 billion barrels of Oil in Place and over 2.3 billion barrels of recoverable resource in those horizons that have flowed oil, and Alkaid #2 could add to these estimates."


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