LONDON – Pantheon Resources PLC (AIM:PANR, OTCQX: PTHRF) has announced a potential increase in resource estimates at its Megrez-1 well on Alaska’s North Slope, following preliminary analysis of log, core, and cuttings data. The oil and gas company, which is developing the Kodiak and Ahpun oil fields in the region, anticipates a 15% to 50% upgrade in resources for the Ahpun Field’s Eastern Topset based on the new findings.
Technical Director Bob Rosenthal stated that the Megrez structure could be trapping a larger oil pool than initially expected, with the well intersecting seven horizons interpreted as containing liquid hydrocarbons over a measured depth of 3,682ft (2,425ft true vertical thickness). The analysis, which included the use of AHS Baker Hughes (NASDAQ:)’ Volatiles Analysis Service (VAS), revealed oil with associated throughout the entire column.
The preliminary volumetric analysis suggests a significant increase in management’s best estimates of expected ultimate recoverable resources, potentially by 15% to 50% from pre-drill estimates. The company expects to reclassify prospective resources to contingent resources upon successful flow testing, which is planned to begin in Q1 2025 with four initial tests at 10 days each, targeting the Upper Schrader Bluff and Prince Creek formations.
In addition to the four originally identified oil horizons, three further potential oil-bearing zones in the Lower Sagavanirktok Formation have been identified, which could lead to three additional flow tests before the well is suspended as a potential future producer or injector.
Executive Chairman David Hobbs expressed that the commercial significance of the Megrez-1 well will be better understood after all zones are tested, but the preliminary analysis hints at a best estimate of recoveries for the entire Ahpun field that may compete with those of the Kodiak field.
The company has taken a cautious approach while technical interpretation continues and will share further analyses and any flow testing results when available. This announcement is based on a press release statement from Pantheon Resources PLC.
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