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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 data, core and of cuttings. The oil and gas company, which is developing the Kodiak and Ahpun oil fields in the region, expects a 15% to 50% improvement in Ahpun Field’s Eastern Topset resources based on new discoveries.
Chief Technical Officer Bob Rosenthal said the Megrez formation could hold a larger reservoir of oil than previously thought, with a combined well of seven horizons interpreted to contain liquid hydrocarbons. over an estimated depth of 3,682ft (2,425ft true vertical thickness). Analysis, which included the use of AHS Baker Hughes (NASDAQ:)’ Volatiles Analysis Service (VAS), revealed the oil related to the entire column.
Preliminary volume analysis suggests a significant increase in management’s best estimates of expected recoverable amount, which could range from 15% to 50% from initial estimates. to the survey. The company expects to organize the expected resources in the context of potential resources during the successful flow test, scheduled to start in Q1 2025 with the first four tests of 10 days each, which overlooking Upper Schrader Bluff and Prince Creek.
In addition to the four oil fields initially identified, three other potential oil fields are located in the Lower Sagavanirktok Formation, which could lead to three more flow tests before the well is confirmed as producing. possible future or vaccine.
Executive Chairman David Hobbs pointed out that the commercial value of the Megrez-1 well will be better understood after all zones have been tested, but preliminary testing suggests a good recovery estimate for the field. All of Ahpun can compete with those in the Kodiak field. .
The company has taken a cautious approach while technical clarification is in progress and will share further reviews and any flow test results as they become available. This announcement is based on a press release from Pantheon Resources PLC.
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