Business
Replacement Operational Update
Replacement Operational Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n\n\n \n \nGENERAL TEXT AMENDMENT\n \nThe following amendments have been made to the \"Operational Update\" announcement released on 28/07/23 at 07:00 under RNS No 4873H.\n \nChange of \"$6-$8 /bbl ANS\" to \"$6-$8 /bbl\" and \"18 mmbbl ANS\" to \"18 mmbbl\"\n \nAll other details remain unchanged.\n \nThe full amended text is shown below.\n \n \n28 July 2023\n \nPantheon Resources plc\n\nReplacement Operational Update\n \nPantheon Resources plc (\"Pantheon\" or the \"Company\" or the \"Group\"), the AIM-quoted oil company developing its 100% working interest in the Ahpun and Kodiak Fields with expected Ultimate Recovery (\"EUR\") of approximately 2 billion barrels of contingent resources of marketable liquids adjacent to transportation and pipeline infrastructure on State Land on the Alaska North Slope, is pleased to provide an operational update and refined management estimates of preliminary development costs for the Ahpun field.\n \nHighlights\n \n· Pantheon expects to receive an Independent Expert Report from Netherland, Sewell & Associates on recoverable resources from the Kodiak field in August 2023.\n· Planned date of September 2023 for mobilisation of workover rig for conducting the frac of the Shelf Margin Deltaic Zone.\n· Management modelling of the economics for 20 well development pads estimate robust returns with valuations of $6-$8 /bbl and rates of return of 33%-53% at ANS prices1 of $70-$80 /bbl ANS respectively.\n· Analysis of the fluid composition from the Alkaid-2 test indicates that the reservoir pressure is below the bubble point and therefore there is free gas in the reservoir, but no free gas cap.\n \nIndependent Recoverable Resource Estimates\n \nNetherland, Sewell & Associates (\"NSAI\") is presently completing its Independent Expert Report (\"IER\") on the Kodiak field and is expected to provide its independent assessment of the recoverable resources from Kodiak during August 2023. Following completion of the Kodiak IER, NSAI will prepare an IER on the Alkaid Zone within the Ahpun field which the Company estimates will be finalised in autumn 2023.\n \nAlkaid-2 Shelf Margin Deltaic Test\n \nThe primary contractors have now confirmed availability of ...