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clock Created with Sketch. 21/04/23
16:46
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Originally posted by olderwiser:
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News in from PANR, showing data share with 88e on Hickory 1 and Talitha A 21 April, 2023 Earlier this year, Pantheon entered into a well data exchange agreement with 88 Energy Limited ("88 Energy"), trading the data from Pantheon's Talitha #A well for 88 Energy's Hickory #1 well. This additional well penetration of the discovered hydrocarbons, approximately 150 metres from Pantheon's lease boundary, is an important "well control" point providing Pantheon with valuable data on our southern lease boundary at no cost and allows us to incorporate this into subsurface modelling of the various horizons to obtain even greater confidence in the subsurface and discovered oil. The data integration has been done in collaboration with SLB (formerly Schlumberger) as previously described in Pantheon's RNS dated 8 December 2022. We are pleased to find that the preliminary data confirms our pre-Hickory drill interpretation, confirming the multiple stacked pay zones (including two lobes of a Slope Fan System, as encountered in Talitha #A). Hickory #1 effectively extends the proven plays that Pantheon has discovered and been evaluating for several years. Bob Rosenthal, Technical Director, said: "The hydrocarbons discovered at the Hickory well is a great outcome for all companies exploring and developing the large oil resource close to the Dalton Highway and the Trans Alaska Pipeline. These large resources are in tight oil-bearing formations where we will utilize unconventional oil extraction technologies on conventional reservoirs to improve oil recoveries. The geographic location of Hickory near Pantheon's acreage makes this ideal for the use of unconventional equipment and technology. The Hickory discovery well is another important data point that provides an increased understanding of the subsurface in close proximity to our existing discoveries. It also confirms the extension of our reservoirs to our southern border. We all benefit by amalgamating our technical data to produce the best outcome for both companies. More data leads to increased geological understanding and lower overall extraction risk."
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Thanks OW, this is very positive for 88e coming from PANR a company with successful track record, as investors no longer have any and trust and confidence of what 88e puts in their announcements.
(20min delay)