Otto Energy welcomes progress by partner Pantheon at Talitha in Alaska

Otto Energy Limited’s (ASX:OEL) partner Pantheon Resources Plc (LON:PANR) (OTCMKTS:PTHRF) has secured all the necessary permits and authorisations to start the construction of an ice road to Talitha #A drill site at the Talitha project in Alaska. The Talitha Unit encompasses 44,463 acres of State Leases in the central Alaska North Slope area, adjacent to the Trans Alaska Pipeline System and the Dalton Highway. Otto Energy, which holds a 10.8% working interest in this unit, is fully funded and ready to participate in the Talitha #A well, once fully permitted. Progress at the project Pantheon has started constructing an ice road to the Talitha #A drill site and is on schedule in obtaining the remaining necessary permits, contracts and services to begin the drilling. Pantheon Resources CEO Jay Cheatham said: "The Talitha #A project is targeting a resource of enormous potential, with four independent targeted horizons. “The ice road is currently under construction, putting us on track for January spudding which is a fantastic achievement and testament to the hard work of our entire team. “If we are successful, Talitha #A can dramatically change our company, and we're all excited about it." Future plan The Talitha #A well will target four distinct geological objectives, which Pantheon estimates have the potential to contain in the region of a gross billion barrels of recoverable oil, although ongoing work is required to formally delineate the ultimate risk associated with the ultimate potential of these targets. Otto has stayed in regular engagement and discussion with Pantheon and is very supportive of how it has advanced the project. Executive chairman Mike Utsler said: “Otto is very supportive of the work Pantheon has done to advance the Talitha Unit over the last six months and the Talitha #A well has enormous potential.”