Pantheon Assets plc reported a finest estimate contingent useful resource of 962.5 million barrels (MMbbl) of oil and pure gasoline liquids (NGLs) for its 100-percent owned Kodiak Discipline on Alaska’s North Slope, the corporate stated in a information launch Wednesday, citing an impartial skilled report (IER).
The report, ready by Netherland, Sewell & Associates (NSAI) on the Decrease Basin Ground Fan reservoir of the corporate’s Kodiak challenge, gave finest estimates, or 2C estimates, of 314.6 MMbbl of oil, 647.9 MMbbl of NGls, and 4,465.2 billion cubic toes of residual gasoline.
The NGLs on Pantheon’s tasks are of fabric worth as they are often blended with the oil, the corporate stated. The mixed stream of oil, condensate, and NGLs has been estimated by administration to yield roughly 90 % of the worth of the Alaska North Slope value per barrel, in line with the discharge.
Pantheon stated the IER helps the corporate’s growth plans for the Kodiak challenge, which can contain leases totaling some 126,000 acres, together with the lately awarded further acreage, delineated by the corporate’s proprietary 3D seismic and confirmed by three wells: Pipeline State 1, Talitha-A, and Theta West-1.
“The sphere is outlined because the hydrocarbon-bearing horizons contained throughout the giant basin ground fan between the Hue Shale prime seal and the underlying HRZ shale, from their downdip pinchout east of Talitha-A working to over 15 miles northwest into the brand new ‘chimney acreage’ acquired within the 2022 space broad lease sale”, Pantheon stated, including that it believes “this is without doubt one of the largest basin ground fan methods found onshore prior to now few many years”.
“Netherland, Sewell & Associates is without doubt one of the most extremely regarded companies within the trade, whose opinions carry nice weight”, Pantheon Govt Chairman David Hobbs stated. “They carried out an intensive overview of the information that validates Pantheon’s evaluation of the dimensions of the useful resource. We stay on observe to satisfy our strategic aim of delivering sustainable market recognition of $5 – $10 per barrel of recoverable sources.”
“A reputable third-party estimate of almost one billion barrels of recoverable liquids for a corporation the scale of Pantheon is an unbelievable achievement, validating our geological mannequin”, Pantheon CEO Jay Cheatham stated. “That is the primary IER carried out on our largest asset and can have monumental worth in financing discussions and in attracting potential companions. As I’ve repeatedly stated, massive oilfields proceed to get larger, and with further wells and information factors we anticipate this contingent useful resource to develop and for some or all to be categorized as reserves as soon as we obtain a Remaining Funding Resolution.”
“For perspective, it is extremely uncommon to see licensed sources of this dimension, significantly onshore and close to to infrastructure”, Pantheon Technical Director Bob Rosenthal stated. “This primary report helps the work carried out by a broad technical group that has included our companions at SLB, eSeis, AHS Baker Hughes amongst others. NSAI’s analysis of Kodiak is a transformational milestone on the trail to commercialization. I remind shareholders that this report on Kodiak solely covers the Decrease Basin Ground Fan, primarily based on three wells and our proprietary 3-D seismic information set. There may be clear potential for additional progress in these numbers as persevering with appraisal gives extra granular information.”
Pantheon plans to drill the subsequent Kodiak appraisal effectively within the lately acquired leases, some 5 miles northwest of Theta West-1. The reservoirs within the structural updip portion on the Theta West construction are anticipated by administration to exhibit the very best high quality on Pantheon’s acreage, in its largest trapping mechanism, the corporate stated.
Additional, Pantheon stated it plans to chop full cores and purchase a full suite of wireline logs and consultant fluid samples/move assessments in future appraisal wells to deal with the contingencies in NSAI’s analysis.
Pantheon has additionally commissioned NSAI to finish an identical IER on the Alkaid horizon on the Ahpun challenge, with an anticipated completion date within the fourth quarter.
In the meantime, Pantheon stated it has formally contracted All-American Oil Rig 111 for the re-entry of the Alkaid-2 effectively to check the Shelf Margin Deltaic horizon. The corporate has awarded all main service supplier contracts obligatory for the operation and is finalizing obligatory permits for the operation, focusing on September for the mobilization of the rig.
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