Pantheon Resources PLC Announces Multi-zone Flow Tests Pplanned for Megrez-1
Pantheon Resources (PTHRF) has announced details of its planned flow testing programme for the Megrez-1 well in Alaska's North Slope. The well has identified seven discrete pay zones, with flow testing of six zones scheduled to commence before the end of March 2025.
Expected flow rates range from 200 to 2,000 barrels per day per zone. The testing program will prioritize data quality over maximizing initial flow rates, with the full testing programme taking up to four months. The deeper horizons will require hydraulic stimulation, while shallower horizons may not need the same level of stimulation.
The well, drilled at a 45-degree angle from the western side of the Dalton Highway, shows varying reservoir qualities. The deepest horizons align with Ahpun West topsets (1 milliDarcy or less), while permeabilities improve significantly in the shallower Prince Creek and Lower Sagavanirktok formations, exceeding a Darcy in the shallowest horizons.
Pantheon Resources (PTHRF) ha annunciato i dettagli del suo programma di test di flusso previsto per il pozzo Megrez-1 nella North Slope dell'Alaska. Il pozzo ha identificato sette zone di pagamento discrete, con i test di flusso di sei zone programmati per iniziare prima della fine di marzo 2025.
I tassi di flusso previsti variano da 200 a 2.000 barili al giorno per zona. Il programma di test darà priorità alla qualità dei dati piuttosto che alla massimizzazione dei tassi di flusso iniziali, con l'intero programma di test che richiederà fino a quattro mesi. Gli orizzonti più profondi richiederanno stimolazione idraulica, mentre gli orizzonti più superficiali potrebbero non necessitare dello stesso livello di stimolazione.
Il pozzo, perforato con un angolo di 45 gradi dal lato occidentale della Dalton Highway, mostra qualità di reservoir variabili. Gli orizzonti più profondi si allineano con i topsets di Ahpun West (1 milliDarcy o meno), mentre le permeabilità migliorano significativamente nelle formazioni più superficiali di Prince Creek e Lower Sagavanirktok, superando un Darcy negli orizzonti più superficiali.
Pantheon Resources (PTHRF) ha anunciado los detalles de su programa de pruebas de flujo previsto para el pozo Megrez-1 en la North Slope de Alaska. El pozo ha identificado siete zonas de pago discretas, con pruebas de flujo de seis zonas programadas para comenzar antes de finales de marzo de 2025.
Se espera que las tasas de flujo varíen de 200 a 2,000 barriles por día por zona. El programa de pruebas priorizará la calidad de los datos sobre la maximización de las tasas de flujo iniciales, con el programa de pruebas completo que tomará hasta cuatro meses. Los horizontes más profundos requerirán estimulación hidráulica, mientras que los horizontes más superficiales pueden no necesitar el mismo nivel de estimulación.
El pozo, perforado en un ángulo de 45 grados desde el lado occidental de la Dalton Highway, muestra cualidades de reservorio variables. Los horizontes más profundos se alinean con los topsets de Ahpun West (1 milliDarcy o menos), mientras que las permeabilidades mejoran significativamente en las formaciones más superficiales de Prince Creek y Lower Sagavanirktok, superando un Darcy en los horizontes más superficiales.
팬테온 리소스(PTHRF)가 알래스카 노스 슬로프의 메그레즈-1 우물에 대한 계획된 유량 시험 프로그램의 세부 사항을 발표했습니다. 이 우물은 7개의 개별 유전 구역을 확인했으며, 3월 2025년 말 이전에 6개의 구역에 대한 유량 시험이 시작될 예정입니다.
예상 유량은 구역당 하루 200배럴에서 2,000배럴까지 다양합니다. 시험 프로그램은 초기 유량 최대화를 우선시하기보다는 데이터 품질을 우선시하며, 전체 시험 프로그램은 최대 4개월이 소요될 수 있습니다. 더 깊은 지층은 수압 자극이 필요하지만, 얕은 지층은 같은 수준의 자극이 필요하지 않을 수 있습니다.
이 우물은 달튼 하이웨이 서쪽에서 45도 각도로 시추되었으며, 다양한 저수지 품질을 보여줍니다. 가장 깊은 지층은 아푼 웨스트의 탑셋과 일치하며(1 milliDarcy 이하), 얕은 프린스 크릭 및 로워 사가바니르크톡 형성에서는 퍼미어빌리티가 크게 개선되어 가장 얕은 지층에서 1 Darcy를 초과합니다.
Pantheon Resources (PTHRF) a annoncé les détails de son programme de tests de débit prévu pour le puits Megrez-1 dans la North Slope de l'Alaska. Le puits a identifié sept zones de paiement distinctes, avec des tests de débit de six zones prévus pour commencer avant la fin mars 2025.
Les débits prévus varient de 200 à 2 000 barils par jour par zone. Le programme de test priorisera la qualité des données plutôt que la maximisation des débits initiaux, le programme complet de tests pouvant prendre jusqu'à quatre mois. Les horizons plus profonds nécessiteront une stimulation hydraulique, tandis que les horizons plus superficiels pourraient ne pas nécessiter le même niveau de stimulation.
Le puits, foré à un angle de 45 degrés depuis le côté occidental de la Dalton Highway, présente des qualités de réservoir variables. Les horizons les plus profonds s'alignent avec les topsets d'Ahpun West (1 milliDarcy ou moins), tandis que les perméabilités s'améliorent considérablement dans les formations plus superficielles de Prince Creek et Lower Sagavanirktok, dépassant un Darcy dans les horizons les plus superficiels.
Pantheon Resources (PTHRF) hat Details zu seinem geplanten Fließtestprogramm für den Megrez-1-Brunnen in Alaskas North Slope bekannt gegeben. Der Brunnen hat sieben diskrete Förderzonen identifiziert, wobei die Fließtests für sechs Zonen geplant sind, die vor Ende März 2025 beginnen sollen.
Die erwarteten Fließraten liegen zwischen 200 und 2.000 Barrel pro Tag und Zone. Das Testprogramm wird die Datenqualität über die Maximierung der anfänglichen Fließraten priorisieren, wobei das gesamte Testprogramm bis zu vier Monate in Anspruch nehmen kann. Die tieferen Horizonte erfordern eine hydraulische Stimulation, während die flacheren Horizonte möglicherweise nicht das gleiche Maß an Stimulation benötigen.
Der Brunnen, der in einem Winkel von 45 Grad von der westlichen Seite der Dalton Highway gebohrt wurde, zeigt unterschiedliche Reservoirqualitäten. Die tiefsten Horizonte stimmen mit den Ahpun West Topsätzen überein (1 milliDarcy oder weniger), während die Permeabilitäten in den flacheren Formationen von Prince Creek und Lower Sagavanirktok erheblich steigen und in den flachsten Horizonten einen Darcy überschreiten.
- Strategic location next to existing infrastructure (TAPS oil line and planned Alaska LNG gas pipeline)
- Multiple pay zones identified (7 discrete zones)
- High potential flow rates up to 2,000 bpd per zone
- Superior reservoir quality in shallower formations
- Lower quality reservoir in deeper horizons requiring hydraulic stimulation
- Extended testing period of up to 4 months
- Deepest horizon (Topset 3) too small for testing
- Flow rates for deeper horizons expected at lower end of range
LONDON, UNITED KINGDOM / ACCESS Newswire / March 3, 2025 / Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or the "Company"), an 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 announces further details of its planned flow testing programme for the Megrez-1 well.
Key Points
Data from logs, cores, cuttings and seismic indicate seven discrete interpreted pay zones, with flow testing of the shallowest six to commence before the end of March 2025
Analyses of analogous offsets indicate potential flow rates ranging from 200 barrels per day ("bpd") to 2,000 bpd for any specific zone, depending on the encountered reservoir quality and fluid properties
Pantheon expects flow rates from the deepest horizon to be tested (Topset 1) at the lower-end of the range and flow rates in the shallower horizons at the top of the range
Reliable estimates of in-place and recoverable contingent resources require successful flow tests to confirm fluid compositions and reservoir properties, including API oil gravity, gas-oil ratio and in situ saturations among others. Previous guidance still stands for the Upper Schrader Bluff and Prince Creek potential
Flow data will be released at the conclusion of testing for each horizon
Planned Flow Test Programme
Integration of all the data gathered from the drilling of the Megrez-1 well is now sufficiently complete to return to well operations. This has allowed definition of completion and flow testing programmes over six horizons beginning with Topset 1 of the Upper Schrader Bluff and working up the well to the shallowest interpreted pay zone, the Lower Sagavanirktok zone 3.The Company has designed its flow test programme to prioritise data quality rather than seeking to maximise initial flow rates in order to accentuate the understanding of the reservoirs to optimise future appraisal and development. Being a test well drilled from the western side of the Dalton Highway, the Megrez-1 wellbore was directionally drilled on an approximately 45 degree angle, designed to pierce multiple horizons to maximise learnings. Future development of the deepest horizons, where the reservoir is of lesser quality, will most likely be through long laterals with multi-stage completions - as is industry standard and as is planned for Ahpun West and Kodiak. By contrast, successful flows from the shallower horizons where the reservoir quality is superior, would most likely lead to a development plan more akin to Willow or Pikka, but benefitting from the ability to share infrastructure already constructed for the planned Ahpun West development.
Detailed core analysis indicates average reservoir qualities in the deepest horizons more aligned with the Ahpun West topsets (1 milliDarcy or less) while the permeabilities improve significantly in the shallower Prince Creek and Lower Sagavanirktok formations, even exceeding a Darcy in the shallowest horizons.
Topset 3 is both the deepest horizon and also the smallest of the horizons volumetrically. Full cores were taken over this horizon and flow testing from a single stage treatment in this wellbore would provide little additional data at this location. A multi-stage completion of a long lateral well in that horizon during future appraisal or development drilling represents a more cost-effective means of acquiring useful data. Thus flow testing operations will occur over the shallower six horizons, commencing with Topset 1.
The full testing programme will take up to four months. The tests of the deeper horizons will utilise hydraulic stimulation and precise timing will depend on scheduling of pumping equipment among various operators on the North Slope. Tests in the shallower horizons are not expected to require the same degree of stimulation and are less susceptible to scheduling constraints. The benefit of operating from a gravel pad builds flexibility into the testing programme to avoid overpaying for services.
Aggregate flow from the testing of all zones is expected to be comparable to reported rates from other wells targeting the Brookian formations on the North Slope. Management has tabulated data on analogous offset wells on the North Slope of Alaska and posted it to the Pantheon websitehttps://pantheonresources.com/index.php/investors/q-and-a
David Hobbs, Chairman of Pantheon Resources, said: "These flow tests could be for transformative for the Company - both in terms of aggregate resources base and commercial production potential. Discovering such a large resource in such an ideal geographic location, adjoining existing certified resources at Aphun West right alongside the TAPS main oil line, and alongside the planned route of the proposed Alaska LNG gas pipeline is a great outcome."
Max Easley, Chief Executive Officer of Pantheon Resources,added: "Successful flow tests in the deeper zones would demonstrate their suitability to incorporate additional future 10,000ft lateral completions of wells from the Megrez Pad into the overall Ahpun development plan, utilizing the same processing infrastructure to deliver higher economic returns. Anticipated results from the shallower horizons would, if successful, support a truly conventional development, analogous to the Pikka and Willow fields (i.e. utilising secondary and tertiary recovery techniques)."
For further information, please contact:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
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
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.
The information contained within this Announcement is deemed by Pantheon Resources PLC to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
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 visitwww.pantheonresources.com.
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SOURCE: Pantheon Resources PLC
View the original press release on ACCESS Newswire
FAQ
What are the expected flow rates for Pantheon Resources' (PTHRF) Megrez-1 well testing?
When will Pantheon Resources (PTHRF) begin flow testing the Megrez-1 well?
How many pay zones were identified in PTHRF's Megrez-1 well?
What is the reservoir quality in different zones of PTHRF's Megrez-1 well?
