(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
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Pantheon Resources plc (PANR)