“These wells are testing very large targets and have the potential to be very significant to all shareholders, if successful,” said Jay Cheatham.
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) told investors that the Theta West #1 well has now been sunk.
The well, located on Alaska’s North Slope, is approximately 8.5 miles from the Talitha #A well which began a testing program over the weekend.
Theta West #1 targets two main targets, the upper pelvis floor fan and the lower pelvis floor fan. These deposits were estimated to have a potential of up to 12.1 billion barrels of oil in place and 1.4 billion barrels recoverable.
It will be drilled to approximately 9,200 feet, with the top of the target formations expected at approximately 7,600 feet and the reservoir thickness has been estimated at 1,300 feet.
“The spudding of Theta West #1 well marks another important day for Pantheon shareholders,” Chief Executive Jay Cheatham said.
“Like last year, our contractors constructed the ice roads and drilling platforms safely and on schedule. This allowed us to have our equipment at both sites by mid-January, maximizing our time to complete our planned two-well winter campaign.
Cheatham added, “A first for Pantheon is the simultaneous operations at Theta West and Talitha #A.”
At Talitha, testing will start from the lowest formation, the lower basin floor fan, before proceeding sequentially to the two shallower slope fans (which will be tested together) and the deltaic horizons of the shelf margin. .
Talitha was drilled last year and found five independent oil horizons, all confirmed to be oil bearing.
Cheatham noted that Pantheon plans to follow the Theta West and Talitha wells with the Alkaid 2 well, in spring/summer 2022.
“These wells are testing very large targets and have the potential to be very important for all shareholders, if successful,” added the boss of the Pantheon.