Business
Upgraded resource estimates & Company presentation
Upgraded resource estimates & Company presentation.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 2569H\n Pantheon Resources PLC\n 23 March 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n 23rd March 2020\n \n \n \n \n \n Pantheon Resources plc\n \n \n \n \n \n Upgraded management resource estimates and Company presentation\n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration company with 89.2% - 100% working interests in several projects on the Alaskan North Slope, and 58% - 100% working interests in projects in Polk & Tyler Counties, East Texas, confirms that its management will be hosting a Webinar presentation at 5.00GMT this afternoon, which is open to all investors. The Company presentation will be made by Bob Rosenthal, Technical Director & Chief Geologist, Jay Cheatham, CEO, Michael Duncan, VP Operations, and Justin Hondris, Director, Finance and Corporate Development. Participation details are outlined at the bottom of this page.\n \n \n Resource Upgrade\n \n \n As previously advised, Pantheon has been reviewing and high-grading its entire Alaskan project inventory, following the receipt and reprocessing of previously unmerged 3D seismic data in the second half of 2019. This work necessitated changes to the descriptions/nomenclature of the Talitha and Theta/Theta West projects.\n \n \n The Talitha project has been split into three different horizons which are all mutually exclusive geological formations with different reservoir trap geometries, qualities and risk profiles. All of these formations have been penetrated by an existing well and following more detailed petrophysical analysis have been confirmed as oil bearing. The Company is now pleased to report it has completed analysis of the shallowest of these horizons, the 'Shelf Margin Deltaic', a Brookian age reservoir, estimated to contain 1.8 billion barrels of oil in place (OIP) and a P50 Technically Recoverable Resource of 483 million barrels of oil (MMBO). Previous estimates for all three zones combined were 2.6 billion barrels OIP and 463 - 508 MMBO P50 Technically Recoverable Resource for the entire Talitha project. Today's estimates are significantly higher than pre-analysis expectation. The Company has modelled a two phased development plan for this zone, exploiting 376 MMBO of this resource, and using the WTI curre...