TIDMPANR
RNS Number : 5040M
Pantheon Resources PLC
14 September 2023
14 September 2023
Pantheon Resources plc
Webinar and update
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas company with a 100% working interest in all
of its oil projects spanning c. 193,000 acres adjacent and near to
transportation and pipeline infrastructure on the Alaskan North
Slope, confirms that as previously announced, a webinar
presentation and Q&A will be held at 5.00pm British Summer Time
today and is open to all shareholders and other interested parties.
Registration details can be accessed at:
https://www.investormeetcompany.com/pantheon-resources-plc/register-investor
.
A copy of the PowerPoint presentation to be delivered during the
Webinar and a recording of the webinar will be
uploaded to the Company's website at https://www.pantheonresources.com/ once available .
About the Webinar
In this Webinar, the management team will provide further
context on the Independent Expert Report by Netherland, Sewell
& Associates ("NSAI"), the basis of future appraisal
opportunities and an update on the Shelf Margin Deltaic ("SMD")
test in Alkaid-2, together with a detailed Q&A session. The
presentation will address the following, including certain updated
information:
1. NSAI Report Summary and Appraisal Upside
2. Reservoir and Fluids Characterization
3. SMD test in Alkaid-2
4. Future development planning work
5. Contingencies on Permitting and Offtake
6. Update on Strategy Implementation
7. Q&A
Kodiak Field Contingent Resource Estimates
As previously announced, NSAI reported on its estimate of
Contingent Recoverable Resources, shown below:
Gross (100%) Contingent Resources
Resource Category Oil NGLs Total Residual Gas
(million bbls) (million bbls) (million (b cf )
bbls)
--------------- --------------- --------- ------------
Low Estimate (1C) 145.4 292.4 437.8 2,151.7
--------------- --------------- --------- ------------
Best Estimate (2C) 314.6 647.9 962.5 4,465.2
--------------- --------------- --------- ------------
High Estimate (3C) 647.8 1,366.4 2,014.2 8,822.7
--------------- --------------- --------- ------------
NSAI has begun preparing a similar Independent Experts Report on
the Alkaid horizon at the Ahpun project, with expected completion
in Q4 2023 / Q1 2024 and with a report on the Shelf Margin Deltaic
horizons to follow thereafter.
Upside Potential from Further Appraisal of Kodiak
Assessing a field as large as Kodiak requires integration of the
proprietary 3-D seismic data set with core and logging data. This
involves extrapolation of a limited number of well locations, used
to calibrate the seismic attributes. The data from the Talitha-A
well was the most complete and granular. It will, therefore,
heavily influence any analysis of the Kodiak Field resources. In
that well, the Company obtained a full suite of data, including
volatiles analysis (VAS), logging while drilling (LWD) logs, a
standard suite of electric wireline logs, a Formation
Microresistivity Imaging (FMI) log, which provides centimetre scale
resolution, sidewall cores and a flow test.
The figure below shows the resolution of the FMI log,
highlighting the potential to understand the reservoir at
centimetre scale:
The Theta West-1 well was drilled some 10.5 miles from
Talitha-A, encountering the formation over 1,000 feet updip and the
pay section was approximately 50% thicker at that location, both as
predicted. Testing confirmed producible, high-quality oil from the
Lower Basin Floor Fan reservoir. Furthermore, the geological model
had predicted reservoir quality improvement at Theta West-1
compared with Talitha-A, which was confirmed by the LWD logs.
However, these tools do not provide the same resolution - metre vs
centimetre scale - as available from Talitha-A FMI logs or analysis
of the whole core gathered in the Pipeline State 1 well.
Pantheon's analysis of the regional trends in maximum depth of
burial of the reservoir (Dmax) and its impact on porosity and
permeability indicates the potential for significant improvement in
reservoir quality some 5 miles northwest of Theta West-1. The
Company expects, based on petrophysical analysis , a Kodiak
appraisal well in that location to demonstrate even better
reservoir qualities with 37 - 51% of the pay in the reservoir
interval exhibiting porosities at or above 12% and permeabilities
of greater than 0.1 milliDarcies - the typical cut-off for
conventional reservoirs. This compares to 5% of conventional pay at
Talitha-A and 24% at Theta West-1.
The smoothing effect of the LWD log when compared to the FMI log
results in averaging rock properties over the reservoir interval
such that the quality of the best and worst reservoir properties is
averaged. This does not have a significant impact on the assessment
of hydrocarbons in place but has an impact on likely recovery
factors and well production performance. The Company plans to cut
full cores and acquire a full suite of wireline logs and
representative fluid samples/flow tests in future Kodiak appraisal
wells to address the contingencies in NSAI's evaluation and to
allow recognition of larger expected ultimate recoverable
resources.
Roger Young at eSeis has created a laminated porosity model and
conducted an evaluation of the potential improvements in reservoir
quality across the Kodiak Field. While porosity impacts in place
volumes in a linear fashion, its correlation with permeability is
logarithmic. The eSeis analysis indicates potential for porosities
as high as 15-20% in some of the most advantaged locations updip.
This would be consistent with permeabilities as high as 0.5 mD and
would significantly improve recovery factors updip at a Theta
West-2 appraisal well location.
Reservoir and Fluids Characterization
GeoMark and SLB completed their analysis of the reservoir fluid
composition in the Alkaid-2 location. This suggested that
approximately one third of the hydrocarbon pore space contains free
gas, while two thirds contains liquids with dissolved gas. Their
analysis supports a gas oil ratio (GOR) in the 2,000 - 3,000
scf/stb range, consistent with the Company's development planning
and economic modelling.
SLB has now commenced Ahpun full field planning studies and
expects to complete this exercise during Q2 2024. The full field
model will include an assessment of the economics of the proposed
development.
Update on Alkaid-2 SMD Test
The Company expects mobilization of the All-American Oil Rig 111
during the last week of September. SLB will perform a frac based on
the updated design. The goals for the operation are to demonstrate
the anticipated improvement in frac efficiency from the updated
design , to gather the highest quality fluid data possible and
determine original reservoir pressure. This will be a single stage
frac, intended to achieve sufficient flow for the goals rather than
provide a headline rate.
Further information:
Pantheon Resources plc
Jay Cheatham, CEO
David Hobbs, Executive Chairman +44 20 7484 5361
Justin Hondris, Director, Finance and Corporate Development
Canaccord Genuity L imited (Nominated Adviser and broker)
Henry Fitzgerald-O'Connor, Gordon Hamilton +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld +44 20 7138 3204
In accordance with the AIM Rules - Note for Mining and Oil &
Gas Companies - June 2009, the information contained in this
announcement has been reviewed and signed off by David Hobbs, a
qualified Petroleum Engineer and a member of the Society of
Petroleum Engineers, who has nearly 40 years' relevant experience
within the sector.
The estimates in the Kodiak NSAI IER have been prepared in
accordance with definitions and guidelines set forth in the 2018
Petroleum Resource Management System (PRMS) approved by the Society
of Petroleum Engineers (SPE).
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company
focused on developing the Ahpun and Kodiak fields located on state
land on the Alaska North Slope ("ANS"), onshore USA where it has a
100% working interest in 193,000 acres. Management estimates these
fields to produce Expected Ultimate Recovery of contingent
resources amounting to some 2 billion barrels of marketable liquids
to be delivered through the Trans Alaska Pipeline System
("TAPS").
Pantheon's stated objective is to demonstrate sustainable market
recognition of a value of $5-$10/bbl of recoverable resources by
end 2028. This will require targeting Final Investment Decision
("FID") on the Ahpun field by the end of 2025, building production
to 20,000 barrels per day of marketable liquids into the TAPS main
oil line, and applying the resultant cashflows to support the FID
on the Kodiak field by the end of 2028.
A major differentiator to other ANS projects is the close
proximity to existing roads and pipelines which offers a
significant competitive advantage to Pantheon, allowing for
materially lower infrastructure costs and the ability to support
the development with a significantly lower pre-cashflow funding
requirement than is typical in Alaska.
The Company's project portfolio has been endorsed by world
renowned experts. Netherland, Sewell & Associates ("NSAI")
estimate a 2C contingent recoverable resource in the Kodiak project
that total 962.5 million barrels of marketable liquids and 4,465
billion cubic feet of natural gas. NSAI is currently working on
preparation of an Independent Expert Report for the Ahpun
Field.
Glossary
Bbls: barrels
Bcf: Billion cubic feet
Contingent Resource : Those quantities of petroleum estimated,
as of a given date, to be potentially recoverable from known
accumulations by application of development projects, but which are
not currently considered to be commercially recoverable owing to
one or more contingencies.
For Contingent Resources, the general cumulative terms
low/best/high estimates are used to estimate the resulting 1C/2C/3C
quantities, respectively. The terms C1, C2, and C3 are defined for
incremental quantities of Contingent Resources:
A. C1: Denotes low estimate of Contingent Resources. C1 is equal to 1C.
B. C2: Denotes Contingent Resources of same technical confidence
as Probable, but not commercially matured to Reserves.
C. C3: Denotes Contingent Resources of same technical confidence
as Possible, but not commercially matured to Reserves.
mD : MilliDarcies
NGLs : Natural gas liquids (NGL) are components of natural gas
that are separated from the gas state in the form of liquids.
Scf: Standard Cubic Foot
Stb : Stock Tank Barrel
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBSGDCXXBDGXS
(END) Dow Jones Newswires
September 14, 2023 10:34 ET (14:34 GMT)
Pantheon Resources (LSE:PANR)
Historical Stock Chart
From Apr 2024 to May 2024
Pantheon Resources (LSE:PANR)
Historical Stock Chart
From May 2023 to May 2024