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RNS Number : 5040M
Pantheon Resources PLC
14 September 2023

A close-up of a logo Description automatically generated

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:

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 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 


(million bbls) 


(million bbls) 


(million bbls) 

Residual Gas 


Low Estimate (1C)





Best Estimate (2C)





High Estimate (3C)





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:

 A diagram of different colored lines Description automatically generated with medium confidence

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 Limited (Nominated Adviser and broker)

Henry Fitzgerald-O'Connor, Gordon Hamilton                                                                                               +44 20 7523 8000



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.



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


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