Sydney, Australia – Pantera Minerals Limited (ASX: PFE) is thrilled to announce the commencement of the first lithium well in the Arkansas Smackover Formation, marking a significant milestone in the American lithium-brine industry. This strategic initiative is supported by a partnership with SLB (NYSE: SLB), a global leader in subsurface expertise and energy technology.
This pioneering project kicks off with the development of a robust 3D static geological model. This model is crucial for identifying optimal well locations and advancing the company’s lithium brine prospects. By leveraging SLB’s advanced technology and subsurface expertise, Pantera aims to refine and enhance its understanding of the geological conditions, which are pivotal for successful resource extraction.
Project Highlights:
- Advanced Collaboration: SLB will assist Pantera in leveraging acquired 2D seismic, gravity, and magnetic data to refine the Upper Smackover Formation's model. This collaboration is expected to transition identified leads and re-entry wells into drill-ready prospects.
- Resource Estimation: The 3D static model will play a crucial role in Pantera’s resource estimation efforts, updating to a JORC-compliant model as new data becomes available.
- Industry Growth: The Arkansas Smackover region is recognized as one of the highest-grade lithium brine zones globally, attracting significant industry presence including Albemarle, Exxon Mobil, and Equinor.
Executive Chairman and CEO Barnaby Egerton-Warburton commented on the collaboration:
“We are extremely excited to partner with SLB (NYSE: SLB), a global technology company, to complete and enhance sub-surface work in advance of our maiden drilling program. Our Project already has an exploration target with a grade range between 225 to 450 mg/L with a median grade value of 338 mg/L and we hope to further refine and enhance that as we move through to the initial exploration phase.”
“SLB is the world’s leading subsurface expertise and technology company in the oilfield sector, and has expanded its domain expertise in subsurface, and sustainable lithium production technology over the years.”
“SLB’s extensive experience and proven track-record in subsurface analysis, reservoir and aquifer management, subsurface-surface technology integration, and operational performance will provide Pantera with an enhanced understanding of subsurface characteristics to inform better decision making.”
“With the Arkansas Smackover boasting some of the highest-grade lithium brines globally, supporting oilfield services and infrastructure are now being established for America’s emerging lithium-brine industry, which includes Albemarle, Standard Lithium, Exxon Mobil and now Norway’s Equinor.”
Contact details:
Jane Morgan