Perth, Australia – 10 September 2024 | Pantera Minerals Limited (ASX: PFE) ("Pantera" or the "Company"), an Australian-listed mineral exploration company working on projects in Western Australia, is pleased to announce that it has signed a Master Services Agreement (MSA) with Production Services Inc., an oil and gas services company based in Arkansas, to undertake the re-entry of its first well at the Smackover Lithium Brine Project in Arkansas, USA. This marks a significant step in Pantera’s plan to advance its lithium brine exploration efforts in the highly prospective Smackover Formation.
Highlights:
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Rig Agreement Secured: Pantera has formalised a rig agreement with Production Services Inc., a company with over 50 years of experience in well servicing in the Arkansas oil and gas sector. Re-entry and testing at the well are expected to commence in mid-October 2024.
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Initial Well Testing: The re-entry test will focus on sampling brine from the upper Smackover Formation to evaluate lithium concentrations. The lithium grade obtained from these samples will provide the most accurate data to date, supporting the Company's resource modelling efforts and guiding the location of a second well.
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Industry Momentum: The Smackover Formation is home to several significant lithium brine projects, including Exxon Mobil's (NYSE: XOM) multi-well lithium exploration campaign and Equinor’s (NYSE: EQNR) recent $160 million investment in the region’s brine projects, underscoring the growing interest in the region.
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Strategic Location: The first re-entry well is strategically positioned to allow for both production and disposal, creating an opportunity for Pantera to operate a pilot plant in 2025.
Barnaby Egerton-Warburton, Executive Chairman of Pantera Minerals, stated: “The Company is extremely excited with the imminent testing of lithium brine grade at its Arkansas Smackover Lithium Brine Project. With the contracting of a work-over rig we are now in the final stages of preparation for our first well. The Company believes the Australian market place is not correctly valuing the potential upside of the Company’s project, but is aware of many corporate eyes on the Company, its project and its progress. The Company continues to see aggressive leasing surrounding its exclusive abstract area and now sees its position surrounded by both large listed and privately funded groups.”
Next Steps:
Pantera will continue to collaborate with SLB on the design of the testing procedure, with the well re-entry scheduled to start later this month. The brine samples obtained will be tested by multiple Direct Lithium Extraction (DLE) technology providers, with a focus on identifying the most efficient method for processing the lithium-rich brine. The results of these tests will inform future exploration and resource definition activities, including the planning of a second well and potential pilot plant operations in 2025.
Barnaby Egerton-Warburton
Executive Chairman
[email protected]
Tim Goldsmith
Non-Executive Director
[email protected]
Jane Morgan
Investor & Media Relations
[email protected]
About us:
About Pantera Minerals Limited:
Pantera Minerals Ltd is an Australia-based mineral exploration company. The Company is an iron ore, copper, gold, manganese, and base metal explorer with a portfolio of projects located across some of Western Australia’s greenstone belts and base-metal basins. Its projects include Yampi Project, Weelarrana Iron and Manganese Project, Hellcat Project and Superbird Lithium Brine Project. The Yampi Project is located about 140 kilometers (km) north of Derby in the Buccaneer Achipelago of the Kimberley. The Weelarrana Iron and Manganese Project is located about 75 km south of Newman with access via the Great Northern Highway and the Jiggalong and Weelarrana North Roads. The Hellcat Project is located about 850 km north-northwest (NNW) of Perth, 230 km NW of Meekatharra and 220 km southwest (SW) of Newman. The Superbird Lithium Brine Project covers a land position of about 22,000 gross acres and 13,457 net leased acres of lithium brine prospective ground in the Smackover Formation.
Contact details:
Jane Morgan
Investor & Media Relations
[email protected]