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Resource Update
Resource Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6575A Pantheon Resources PLC 23 January 2020 \n\n \n \n \n23 January, 2020\n \nPantheon Resources plc\n \nResource Update\n \nPantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration company with several conventional projects onshore North Slope of Alaska and onshore East Texas is pleased to provide shareholders with the following update:\n \n \nAlaskan Update - Contingent Resource Confirmation\n \nPantheon confirms receipt of an Independent Expert Report and Resource Statement from the International Petroleum Consultants Lee Keeling & Associates, Inc. (\"LKA\"), on its 100% owned 'Greater Alkaid' Project (formerly referred to as 'Alkaid/Phecda'). LKA has great expertise in horizontal multistage reservoir development. \n \nThe report confirms a Contingent Resource of 76.5 Million Barrels of Recoverable Oil. \n \nDefinitions referred to in this announcement for Contingent Resource and Prospective Resource have been prepared under the Society of Petroleum Engineers (\"SPE\") standards. \n \nHighlights:\n \n⇨ 76.5 Million Barrels of Oil (\"MMBO\") Contingent Resource (recoverable)\n⇨ $595 million NPV10 based on modelled 44 wells, and c.70 MMBO (1) Phase 1 field development over a 20 year term at an oil price of $55 held flat\n⇨ $8.50 NPV10 per barrel of oil\n⇨ Field peak flow rate 30,000 Barrels of oil per day (\"BOPD\")\n⇨ Individual well EUR (estimated ultimate recovery) of 2.25 MMBO per well for 24 wells\n⇨ The LKA report supports the Company view that Alkaid and Phecda is one continuous accumulation. Now called \"Greater Alkaid\"\n⇨ Located underneath and adjacent to the Dalton Highway & Trans-Alaska Pipeline (TAPS)\n⇨ This estimate comprises Contingent Resource only - does not include Prospective Resource\n \nIn addition to providing a Contingent Resource estimate of 76.5 million barrels of oil, LKA modelled a Phase 1 field development, based upon 24 wells at 2.25 MMBO per well, and a further 20 wells with the EUR risked at 50%, equating to 1.125 MMBO per well. Their 20-year model estimates an NPV10 of $595 million after production of...