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Expert Report Confirms Estimate for Kodiak Field
Expert Report Confirms Estimate for Kodiak Field.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n\n \n\n29 August 2023\n \nPantheon Resources plc\n Independent Expert Report confirms Best Estimate Contingent Resource estimates totalling 962 million barrels for Kodiak Field\n \nPantheon Resources plc (AIM: PANR) (\"Pantheon\" or the \"Company\" or the \"Group\"), the oil and gas company operating on Alaska's North Slope, is pleased to advise that it has received an Independent Expert Report (\"IER\") which provides an estimate of contingent resources recoverable from its 100% Working Interest Kodiak project, formerly known as Theta West (\"Kodiak\"). A full copy of the report will be published on the Company's website.\nKodiak Field Contingent Resource Estimates\n \nPantheon is pleased to announce receipt of an IER prepared by Netherland, Sewell & Associates (\"NSAI\") on the Lower Basin Floor Fan reservoir of the Company's Kodiak project (the \"Kodiak NSAI IER\"). A summary of the resource estimate is outlined below.\n \nGross 100% Working Interest Contingent Resources\n \n\n\n\n\nResource Category\n\n\nOil\n(million bbls)\n\n\nNGLs\n(million bbls)\n\n\nResidual Gas\n(BCF)\n\n\n\n\n\nTotal Marketable Liquids*\n(million bbls)\n\n\n\n\nLow Estimate (1C)\n\n\n145.4\n\n\n292.4\n\n\n2,151.7\n\n\n\n\n\n437.8\n\n\n\n\nBest Estimate (2C)\n\n\n314.6\n\n\n647.9\n\n\n4,465.2\n\n\n\n\n\n962.5\n\n\n\n\nHigh Estimate (3C)\n\n\n647.8\n\n\n1,366.4\n\n\n8,822.7\n\n\n\n\n\n2,014.2\n\n\n\n\n \n* Pantheon addition of Oil & NGLs\n \nPantheon has also commissioned NSAI to complete a similar IER on the Alkaid horizon at the Ahpun project, with expected completion in Q4 2023.\n \nPantheon Management Commentary on the Kodiak NSAI IER\n \nThe 2C estimates (best estimates) of oil and natural gas liquids (\"NGLs\") total 962.5 million barrels of marketable liquids. As previously advised by management, the NGLs on Pantheon's projects are of material value as they can be blended with the oil and the combined stream of oil, condensate and NGLs has been estimated by management to yield approximately 90% of the value of the Alaska North Slope (\"ANS\") price per barrel.\n \nThe management believe the Kodiak NSAI IER supports the Company's development plans for the Kodiak project, which will involve development of leases totaling some 126,000 acres (including the recently awarded addition...