Re read14 Nov 2023 12:09
From August
https://www.rigzone.com/news/pantheon_confirms_2c_estimates_of_963mm_barrels_in_kodiak_field-30-aug-2023-173830-article/
Pantheon Confirms 2C Estimates of 963MM Barrels in Kodiak Field
by Rocky Teodoro|Rigzone Staff|Wednesday, August 30, 2023
Pantheon Resources plc reported a best estimate contingent resource of 962.5 million barrels (MMbbl) of oil and natural gas liquids (NGLs) for its 100-percent owned Kodiak Field on Alaska’s North Slope, the company said in a news release Wednesday, citing an independent expert report (IER).
The report, prepared by Netherland, Sewell & Associates (NSAI) on the Lower Basin Floor Fan reservoir of the company's Kodiak project, gave best estimates, or 2C estimates, of 314.6 MMbbl of oil, 647.9 MMbbl of NGls, and 4,465.2 billion cubic feet of residual gas.
'A credible third-party estimate of nearly one billion barrels of recoverable liquids for a company the size of Pantheon is an incredible achievement'.
Image by LYagovy via iStock
The NGLs on Pantheon's projects are of material value as they can be blended with the oil, the company said. The combined stream of oil, condensate, and NGLs has been estimated by management to yield approximately 90 percent of the value of the Alaska North Slope price per barrel, according to the release.
Pantheon said the IER supports the company's development plans for the Kodiak project, which will involve leases totaling some 126,000 acres, including the recently awarded additional acreage, delineated by the company's proprietary 3D seismic and confirmed by three wells: Pipeline State 1, Talitha-A, and Theta West-1.
“The field is defined as the hydrocarbon-bearing horizons contained within the large basin floor fan between the Hue Shale top seal and the underlying HRZ shale, from their downdip pinchout east of Talitha-A running to over 15 miles northwest into the new ‘chimney acreage’ acquired in the 2022 area wide lease sale”, Pantheon said, adding that it believes “this is one of the largest basin floor fan systems discovered onshore in the past few decades”.
"Netherland, Sewell & Associates is one of the most highly regarded firms in the industry, whose opinions carry great weight”, Pantheon Executive Chairman David Hobbs said. “They conducted an intensive review of the data that validates Pantheon's assessment of the scale of the resource. We remain on track to meet our strategic goal of delivering sustainable market recognition of $5 - $10 per barrel of recoverable resources."
"A credible third-party estimate of nearly one billion barrels of recoverable liquids for a company the size of Pantheon is an incredible achievement, validating our geological model”, Pantheon CEO Jay Cheatham said. “This is the first IER conducted on our largest asset and will have enormous value in financing discussions.
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