Pantheon Resources has resumed production at the Alkaid #2 well following the cleanout of the sand blockage in the final 1,000 ft of the wellbore. The company noted that IP30 production rate is currently calculated at 505 barrels per day of liquid hydrocarbons.

The quantum of liquid and gas production flowing without artificial lift from Alkaid #2 demonstrates the good deliverability of the reservoir, which is a significant de-risking event for Alkaid development, Pantheon said in its statement.

“We are pleased that production testing at Alkaid #2 has recommenced and proven the productive capability of the reservoir. Given the high GOR seen, we will locate and design future wells with longer laterals to minimize gas and improve liquid hydrocarbon production. The first well in any new play type is a learning exercise,” Jay Cheatham, CEO, said.

Post cleanout, flow rates were initially marginally higher than pre-cleanout suggesting that despite the sand blockage the final 1,000 ft was connected and already contributing to the main wellbore through the fractures communicating with each other, Pantheon’s statement read. Alkaid #2 also penetrated the shallower shelf margin deltaic reservoir, which Pantheon’s management estimate to contain over 400 million barrels of oil recoverable resource. The addition of these resources to any potential Alkaid development will significantly boost economic returns, according to Pantheon, which said the data collected indicates the SMD has significantly better reservoir qualities than the Alkaid anomaly.

Pantheon reminds that the Alkaid #2 well is believed to have fracked into a gas cap resulting in much higher gas oil ration (GOR) than at the Alkaid #1 well. The company has decided to drill the future wells deeper to avoid gas cap and produce improved GOR.

Both Alkaid #1 and #2 have confirmed the presence of a material hydrocarbon system with very good reservoir deliverability, which the company firmly believe supports the case for a commercial development, the statement reads.

The company has also commissioned Netherland Sewell & Associates to undertake an independent expert report (Competent Persons Report) over the company’s Theta West and Alkaid projects.  Additionally, SLB is updating the dynamic reservoir models across Pantheon’s portfolio. These reports will run in parallel to the farmout process as well as providing investors and financiers an independent assessment of the resources. 

“It is worth remembering that Alkaid is the smallest project in the Pantheon portfolio making up less than 4 percent of Pantheon’s estimated discovered resources. Its location on the Dalton highway, along with the test at Alkaid #1, made it an ideal candidate for testing and production. Pantheon will now increase its focus on the larger oil projects in Pantheon’s portfolio as it begins a farmout process to undertake future activities. The large Theta West oil accumulation with resources of over 17 billion barrels of oil in place is Pantheon’s major asset. A large portion of the Theta West oil accumulation is in a shallower reservoir than anything else in our portfolio and analogous to giant oil fields in other parts of the world,” Cheatham said.

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