LONDON – Pantheon Resources PLC (AIM:PANR, OTCQX: PTHRF) has announced a potential increase in resource estimates at the Megrez-1 well on Alaska's North Slope, following preliminary analysis of log, core and cutting data. The oil and gas company, which is developing the Kodiak and Ahbun oil fields in the region, expects a 15% to 50% increase in the resources of the East Ahbun field based on the new results.
Technical Director Bob Rosenthal stated that the Megrez structure could hold a larger oil pool than initially expected, with the well intersecting seven horizons interpreted to contain liquid hydrocarbons at a measured depth of 3,682 feet (true vertical thickness 2,425 feet). The analysis included the use of AHS Baker Hughes (NASDAQ:)' Volatile Substances Analysis Service (VAS), detected associated oil throughout the entire plume.
Preliminary volumetric analysis indicates a significant increase in management's best estimates of expected ultimate recoverable resources, perhaps by 15% to 50% from pre-drilling estimates. The company expects to reclassify potential resources to contingent resources upon successful flow testing, which is scheduled to begin in the first quarter of 2025 with four initial tests of 10 days each, targeting the Upper Schrader Bluff and Prince Creek formations.
In addition to the four oil horizons originally identified, three other potential oil-bearing zones have been identified in the lower Sagavanirktok Formation, which could lead to three additional flow tests before the well is suspended as a potential future producer or injector.
CEO David Hobbs said the commercial importance of the Majrez-1 well will be better understood after testing all areas, but preliminary analysis suggests a best estimate of recoveries for the entire Ahbon field may rival the Kodiak field. .
The company has taken a cautious approach while technical interpretation continues and will share further analysis and any flow test results as they become available. This announcement is based on a press release issued by Pantheon Resources PLC.
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