Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas exploration Company with a 100% working interest in projects spanning c.160,000 acres covered by 3D seismic and advantageously located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, provides the following update following the conclusion of operations at the Talitha #A well: Talitha #A well - conclusion of operations and overview
Operations at the Talitha #A well have concluded with the well suspended for future testing operations. The well encountered five stacked, independent oil-bearing reservoir zones over a 3700 ft interval which m anagement believes has validated its earlier assertion of over 1 billion barrels recoverable oil potential from this multi-billion barrel oil in place play at Talitha. Testing of the deepest of these zones, the Kuparuk formation, which flowed high-quality light oil intermittently at rates up to 100 BOPD, a disappointing rate, encountered a number of operational issues. The Kuparuk horizon at this location was overpressured which was both unexpected and unlike any known Kuparuk well regionally, which caused challenges in testing. The four normally pressured shallower zones, all of which encountered light oil and offer excellent potential based upon analysis to date, will be tested in a future program.