A report by the independent experts at Baker Hughes AHS (Advanced Hydrocarbon Stratigraphy) titled “Pantheon Great Bear Theta West 1 well: Characterization of a World Class Petroleum System Using AHS’s Cuttings’ Volatiles Stratigraphy” confirmed a world-class resource find.

Following the completion of Volatile Analysis Service (VAS) work experts concluded that the actual length of the oil-bearing column is greater than 1,360 ft, as the base of the analyzed cuttings’ oil column is the total depth (“TD”) of the well, and the oil in the cuttings shows no sign of tapering off.

The report also shows high-quality oil of 37-39 degrees API gravity, and abundant good-quality reservoirs.

The report also concludes that the Great Bear Pantheon’s Theta West 1 drilled a world-class petroleum system comprised of an ultimate non-permeable oil seal that occurs at 7,070 ft. Oil-bearing cuttings are not observed above 7,070 ft, and oil is analyzed in every cutting sample, both Sealed-at-Well and Lab-Loaded, below 7,070 ft to TD.

It also shows that a seal within the oil-rich zone occurs at 7,480 ft separating a shallower from a deeper compartment based on different oil compositions above and below 7,480 ft. “Elevated Helium is observed, in part confirming Theta West’s excellent seals,” the report reads.

These results are in complete accord and supportive of AHS’s previous analyses of cuttings from Great Bear Pantheon Talitha A well, as well as AHS’s study of Shelf Margin Deltaic cuttings’ samples from the Talitha A, Pipeline, Alkaid, Merak, and Alcor wells.

“Following the successful completion of horizontal drilling operations at our Alkaid #1 well last week, we are pleased to present shareholders the results of the VAS work on Theta West #1. This is a great endorsement from AHS, and one of several technical tools we employ. As we have always said, ultimate commerciality on our projects will be determined by flow testing,” said Jay Cheatham, CEO of Pantheon Resources.

"AHS refers to our 100% owned discovery as “World Class”. As previously announced the Company estimates the project contains over 17 billion barrels of oil in place with a recoverable resource of over 1.7 billion barrels of oil (based on a 10% recovery factor),” he said.

"This is further confirmation of a great result for Pantheon. We consider Mike Smith and his team at Baker Hughes, Advanced Hydrocarbon Stratigraphy, to be one of the leading experts globally in their field and the conclusions validate our understanding of the resource. The results are extremely promising for our Theta West project, the largest project in our portfolio, and we are pleased to have independent experts refer to this as a “World Class Petroleum System”,” added Bob Rosenthal, Technical Director.

To contact the author, email andreson.n.paul@gmail.com

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