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Pantheon Resources PLC on Friday hailed progress at its Alkaid project in Alaska, after resolving several technical issues at the rig. Pantheon Resources is a London-based oil and gas exploration and production company focused on the US state of Alaska. It fully owns several oil projects spanning 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope. Pantheon said that, following delays, the Nordic Calista 2 rig contracted for the Alkaid 2 clean-out operation has successfully pulled the tubing and packer, and has now moved off the well-head. An coiled tubing unit has now been moved onto the well-head to begin a clean out of the sand blockage, which is scheduled to begin over the weekend. Once the coiled tubing unit has cleaned out the sand blockage, it will move off location and the Nordic Calista 2 rig will move back onto the well. Pantheon said the rig would then replace production tubing prior to the recommencement of long term production testing. These operations were originally delayed due to poor weather and a number of electrical and hydraulic issues with the rig, all of which have now been resolved. ‘I’m pleased we were able to resolve several issues and successfully reach this point in the clean out process. We have done extensive analysis, supported by third party experts, and were able to learn much about the reservoir and the liquids production during this hiatus in testing. We are less than 40% through the recovery of the frack fluid (well clean-up) and I’m confident that Alkaid 2 will ultimately prove a commercial success. Nothing we have seen to date diminishes our confidence in our project,’ said Chief Executive Officer Jay Cheatham. Technical Director Bob Rosenthal added: ‘Whilst we’re optimistic, as always we remind shareholders that a definitive assessment of the well cannot be made until flow testing operations have been completed.’ Pantheon Resources shares were trading 7.2% higher at 56.82 pence each in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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