Pantheon Resources on Investing.com points to the potential increase in wealth in Alaska
LONDON – Pantheon Resources PLC (AIM:PANR, OTCQX: PTHRF) has announced a possible increase in resource estimates at Megrez-1 on Alaska’s North Slope, following preliminary analysis of log, core and cutting data. The oil and gas company, which is developing the Kodiak and Ahpun oil fields in the region, expects 15% to 50% of the resources for Ahpun Field’s Eastern Topset based on new discoveries.
Technical director Bob Rosenthal said the Magrez structure may be holding a larger oil pool than originally expected, with the well intersecting seven horizons at a depth of 3,682ft (2,425ft true vertical thickness), interpreted to contain liquid hydrocarbons. An analysis involving the use of AHS Baker Hughes (NASDAQ:)’ Volatiles Analysis Service (VAS), showed correlated oil throughout the column.
Pre-quantity analysis indicates significant increases in management’s best estimates of expected ultimate recoverable resources, which may range from 15% to 50% of pre-drilling estimates. The company expects to reclassify future resources to reserve resources in a flow test scheduled to begin in Q1 2025 with four initial tests over 10 days each targeting the upper Schrader Bluff and Prince Creek formations.
In addition to the four oil horizons identified initially, three more oil-bearing zones have been identified in the lower Sagavanirktok formation, which may lead to three more flow tests before the well is stopped by a future producer or injector.
Executive Chairman David Hobbs said the commercial value of Megraze-1 will be better understood after all zones are tested, but preliminary analysis shows an overall recovery estimate for the Ahpu field comparable to the Kodiak field. .
As technical interpretation continues, the company has taken a cautious approach and will share further analysis and any test results as they become available. This announcement is from Pantheon Resources Pvt.
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