Pantheon Resources announces significant resource expansion at Kodiak Field

Pantheon Resources plc, a prominent oil and gas exploration company, has disclosed a substantial increase in estimated recoverable resources at its Kodiak Field, located on Alaska’s North Slope. The updated report by Netherland, Sewell & Associates, Inc. (NSAI) indicates a notable 25% increase in recoverable marketable liquids from previous estimates.

According to the updated Independent Expert Report (IER) by NSAI, the Kodiak Field’s contingent recoverable resources now include approximately 1.2 billion barrels of marketable liquids and 5.4 trillion cubic feet of gas. This represents a significant revision upwards, bolstered by recent lease acquisitions totaling around 43,000 acres from the December 2023 lease sales. These leases are crucial as they are positioned in the shallower, updip portion of the field, which exhibits superior reservoir qualities.

The report reflects on the impact of recent strategic acquisitions on the field’s resource potential. Notably, the high estimate for recoverable resources has surged by nearly 40%, reaching about 2,840 million barrels of marketable liquids and 11.75 trillion cubic feet of natural gas. This enhancement is attributed to improved porosity and permeability in the newly acquired acreage, which is expected to support higher recovery rates.

Pantheon’s operational strategy focuses on delineating the full extent of the Kodiak Field, leveraging proprietary 3D seismic technologies that have confirmed the presence of light oil across the field. The company is also preparing for further appraisal drilling to validate increased recovery factors and production performance in the better quality reservoir sections.

In terms of future developments, Pantheon is also progressing with additional Independent Expert Reports for its other projects, including the Ahpun Topsets and Alkaid Zone, which are critical to securing financing and advancing the company’s strategic objectives.

David Hobbs, Executive Chairman of Pantheon Resources, emphasized the strategic importance of the NSAI validation, stating, “The underpinning of our strategy with the validation provided by NSAI is an important step on the path to our 2028 goal of demonstrating values in the range $5-$10 per barrel of recoverable resource.” He also highlighted recent progress in securing funding and optimizing the company’s natural gas resources.

Bob Rosenthal, Technical Director of Pantheon, added, “This NSAI report reveals the true scale of the Kodiak Field now that we have secured leases over its full extent. The potential upside is vast – NSAI recognize a high estimate in excess of 2.8 billion barrels of recoverable marketable liquids and nearly 12 trillion cubic feet of recoverable natural gas.”