Pantera Minerals Limited (ASX: PFE) (“Pantera” or the “Company”) is pleased to announce the successful addition of an additional 3,728 acres. This expansion continues to bolster Pantera’s Lithium Brine Project, elevating its total acreage to an impressive +25,998 net acres, an increase of approximately 16.7%. Negotiations continue for additional acres.
Highlights
- 25,998 net acres now leased, increase of 16.7% increase on last reporting.
- 3,728 new core acres leased since last reporting.
- Pantera largest acreage holder outside of the majors (Exxon, Albemarle, Tetra, Standard Lithium, Equinor ASA).
- SLB (NYSE: SLB) sub-surface 3D static model expected imminently inclusive of both Lithium and Bromine potential.
- Well location in final decision phase – first test well imminent.
- Norway’s AU$125 billion state-owned energy company Equinor (NYSE: EQNR) recently entered the Smackover with an investment of up to AU$160 million in Standard Lithium’s Brine projects across the Smackover.
- Exxon Mobil (US$450 billion market cap) continues to conduct drilling operations on their leased acres. Their strategic plan includes the construction of a sizable lithium brine processing facility, aimed at advancing their project into full-scale production.
Commenting on the new leased acres, Executive Chairman Barnaby Egerton-Warburton said:
“Our exclusive abstract agreement has continued to deliver for the Company with over 25,998 acres now under lease in America’s new “Lithium Capital “as other groups in the play now surround us to the east, north, northwest and west of our acreage position” “
The significant investments by leading companies such as Exxon Mobil, Equinor, and Standard Lithium in the Smackover region highlight the immense potential in this area. This, alongside the strategic advancements in the area and the future construction of a large-scale processing facility by Exxon underscores the potential of the Smackover Formation.”
“Our partnership with global technology company, SLB (NYSE: SLB) and the imminent arrival of the advanced subsurface modelling will accelerate Pantera’s progress as we prepare for the first re-entry test well.”
Forward Focus
- Sub-surface study by SLB - this modelling will provide Pantera with an updated model of the Lithium and Bromine Brine potential and optimal locations for future wells.
- Re-entry of an identified well, located within the Project’s leased position, to test brine grade, permeability, and porosity from the Smackover Formation.
- DLE (Direct Lithium Extraction) test of re-entry well samples by multiple DLE technology providers.
- Continued Smackover Project growth through the acquisition of additional acreage.
Contact details:
Jane Morgan Management
jm@janemorganmanagement.com.au