Pantheon Sources plc has upgraded the estimate of recoverable marketable liquids at its Kodiak Subject asset in Alaska’s North Slope by 25 %.
An up to date report from Netherland, Sewell & Associates (NSAI) on the Decrease Basin Flooring Fan reservoir of the corporate’s Kodiak challenge gave finest estimates of contingent recoverable sources of 1.2 billion barrels of marketable liquids, consisting of oil, condensate and pure gasoline liquids (NGLs), and 5.4 trillion cubic ft (Tcf) of gasoline.
The earlier report, ready by NSAI in August 2023, beforehand gave estimates of 962.5 million barrels (MMbbl) of oil and NGLs.
The up to date numbers embody roughly 43,000 of the round 66,000 acres of the expanded acreage footprint after Pantheon’s profitable lease bids in December 2023, and the next common restoration charge because of the higher reservoir properties within the shallower, updip portion of the sector secured by the brand new leases, the corporate stated in an announcement Tuesday on the London Inventory Alternate.
The potential enchancment in reservoir high quality within the newly acquired acreage underpins the roughly 40 % enhance within the excessive estimate of recoverable sources to 2,840 MMbbl of marketable liquids and 11.75 Tcf of pure gasoline, Pantheon famous.
Pantheon added that the perfect case estimate of 5.4 Tcf of recoverable gasoline is vital “as further assist for a proposed settlement with Alaska Gasline Growth Corp (AGDC) to deliver gasoline to south central Alaska markets”.
“The underpinning of our technique with the validation supplied by NSAI is a crucial step on the trail to our 2028 objective of demonstrating values within the vary $5-$10 per barrel of recoverable useful resource,” Pantheon Government Chairman David Hobbs stated.
“Latest progress in the direction of securing funding, embody leveraging our pure gasoline sources – probably turning them from a legal responsibility to an asset – permits us to maneuver ahead with elevated confidence. I want to take the chance to congratulate Jay and his staff on placing the constructing blocks in place to ship our final success,” Hobbs added.
“This NSAI report reveals the true scale of the Kodiak Subject now that we have now secured leases over its full extent,” Pantheon Technical Director Bob Rosenthal stated. “The potential upside is huge – NSAI acknowledges a excessive estimate in extra of two.8 billion barrels of recoverable marketable liquids and practically 12 trillion cubic ft of recoverable pure gasoline. As we drill wells and acquire further information, our objective is to progressively transfer the ‘finest case estimate’ in the direction of NSAI’s ‘excessive case estimate’ over time”.
“Discovering a billion-barrel oil accumulation is what firms dream about and the Unbiased Skilled Report by NSAI validates our firm’s vital achievements over the previous decade. We are able to now flip our consideration to improvement, together with our rising Ahpun useful resource, to show these volumes to cashflow and worth for shareholders,” Rosenthal remarked.
The Kodiak oil and gasoline area at the moment represents Pantheon’s largest challenge improvement candidate, at the moment outlined by three nicely penetrations into the Basin Flooring Fan construction, which extends greater than 10 miles from the deepest a part of the fan to the 2021 updip Theta West-1 appraisal nicely, based on the announcement.
Pantheon has 100 % working curiosity within the Kodiak and Ahpun tasks, coated by 193,000 acres of leases with an extra 66,000 acres to be awarded following profitable bids within the December 2023 lease gross sales. The leases are all in shut proximity to pipeline and transportation infrastructure on Alaska’s North Slope, the corporate stated.
To contact the writer, electronic mail rocky.teodoro@rigzone.com