(Alliance News) - Pantheon Resources PLC on Tuesday said the company is increasingly confident following the conclusions of a report conducted by analysts from Netherland Sewell & Associates Inc.
Pantheon is an oil and gas company, focused on developing the Ahpun and Kodiak onshore oil fields in Alaska, US. Pantheon shares were up 16% to 39.63 pence each in London on Tuesday morning.
A successful bid in December allowed Pantheon to acquire an additional 66,240 acres at Ahpun and Kodiak. With the issue of leases expected in the summer, the company will therefore obtain a 100% working interest in the 193,000 acre site.
The Netherland Sewell report, which took into consideration 43,000 of the new acreage, subsequently upgraded resource estimates by 25% to 1.2 billion barrels of recoverable liquid.
Pantheon Technical Director Bob Rosenthal said: "The potential upside is vast - NSAI recognise a high estimate in excess of 2.8 billion barrels of recoverable marketable liquids and nearly 12 trillion cubic feet of recoverable natural gas."
NSAI also estimated an 8% higher average recovery rate due to improved reservoir properties, such as greater porosity and permeability, on the newly acquired land.
By Elijah Dale, Alliance News reporter
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Pantheon Res (PANR)