CORRECTION - Pantheon Resources PLC Announces Preliminary Log, Core and Cuttings Analysis
Pantheon Resources announced preliminary results from its Megrez-1 well analysis in Alaska's North Slope, revealing potential significant resource upgrades. The analysis indicates a 15% - 50% increase in resource estimates compared to pre-drill estimate of 609 mmbbls in the four originally identified oil horizons.
The well intersected seven hydrocarbon-bearing horizons with a total hydrocarbon column of 2,425ft vertical thickness. The company plans four initial flow tests of 10 days each, beginning in Q1 2025, targeting Upper Schrader Bluff and Prince Creek formations. Three additional potential oil-bearing zones were identified in the Lower Sagavanirktok Formation, requiring further testing.
All reservoirs were confirmed to contain oil with associated natural gas. The Megrez-1 well's location near the Trans Alaska Pipeline and its larger-than-expected pool size make it particularly significant. Upon successful flow testing, resources are expected to be reclassified from prospective (2U) to contingent (2C) resources.
Pantheon Resources ha annunciato i risultati preliminari dell'analisi del suo pozzo Megrez-1 nella North Slope dell'Alaska, rivelando potenziali aggiornamenti significativi delle risorse. L'analisi indica un aumento del 15% - 50% delle stime delle risorse rispetto alla stima pre-trivellazione di 609 milioni di barili nei quattro orizzonti petroliferi originariamente identificati.
Il pozzo ha intercettato sette orizzonti portatori di idrocarburi con uno spessore verticale totale della colonna di idrocarburi di 2.425 piedi. L'azienda prevede quattro test iniziali di flusso di 10 giorni ciascuno, a partire dal primo trimestre del 2025, con obiettivo le formazioni Upper Schrader Bluff e Prince Creek. Sono state identificate tre ulteriori potenziali zone ricche di petrolio nella Formazione Lower Sagavanirktok, che richiedono ulteriori test.
Tutti i serbatoi sono stati confermati contenere petrolio con gas naturale associato. La posizione del pozzo Megrez-1 vicino al Trans Alaska Pipeline e la sua dimensione del bacino superiore alle aspettative lo rendono particolarmente significativo. Una volta completati con successo i test di flusso, le risorse si prevede vengano riclassificate da risorse prospettiche (2U) a risorse contingenti (2C).
Pantheon Resources anunció resultados preliminares del análisis de su pozo Megrez-1 en la ladera norte de Alaska, revelando posibles mejoras significativas en los recursos. El análisis indica un aumento del 15% - 50% en las estimaciones de recursos en comparación con la estimación previa a la perforación de 609 millones de barriles en los cuatro horizontes de petróleo identificados originalmente.
El pozo intersectó siete horizontes portadores de hidrocarburos con un grosor vertical total de columna de hidrocarburos de 2,425 pies. La empresa planea cuatro pruebas de flujo iniciales de 10 días cada una, comenzando en el primer trimestre de 2025, apuntando a las formaciones Upper Schrader Bluff y Prince Creek. Se identificaron tres zonas adicionales potencialmente productoras de petróleo en la Formación Lower Sagavanirktok, que requieren más pruebas.
Todos los reservorios fueron confirmados como portadores de petróleo con gas natural asociado. La ubicación del pozo Megrez-1 cerca del Trans Alaska Pipeline y su tamaño de reserva más grande de lo esperado lo hacen particularmente significativo. Tras pruebas de flujo exitosas, se espera que los recursos cambien su clasificación de prospectivos (2U) a contingentes (2C).
팬테온 리소스는 알래스카 북부 경사의 메그레즈-1 우물 분석에 대한 초기 결과를 발표하며 잠재적으로 상당한 자원 개선을 밝혔습니다. 분석 결과는 15% - 50% 증가를 시사하며, 원래 식별된 네 개의 유전 수평에서 사전 시추 추정치인 609 mmbbls와 비교되었습니다.
우물은 7개의 탄화수소가 포함된 지층을 관통하였으며, 총 탄화수소 기둥 두께는 2,425피트입니다. 이 회사는 초기 유속 테스트 4개를 계획하고 있으며, 각 테스트는 10일 동안 진행되며, 2025년 1분기부터 시작하여 Upper Schrader Bluff 및 Prince Creek 층을 목표로 하고 있습니다. Lower Sagavanirktok층에서 세 개의 추가적인 잠재유전 지대가 확인되어 추가 테스트가 필요합니다.
모든 저수지는 석유와 함께 천연 가스를 함유하고 있다는 것이 확인되었습니다. 메그레즈-1 우물의 위치는 Trans Alaska Pipeline 근처이며, 예상보다 큰 매장량으로 인해 특히 중요합니다. 유속 테스트가 성공적으로 완료되면 자원이 잠재적 (2U)에서 의존적 (2C) 자원으로 재분류될 것으로 예상됩니다.
Pantheon Resources a annoncé les résultats préliminaires de l'analyse de son puits Megrez-1 dans la North Slope de l'Alaska, révélant un potentiel d'importantes mises à niveau des ressources. L'analyse indique une augmentation de 15% à 50% des estimations de ressources par rapport à l'estimation avant forage de 609 millions de barils dans les quatre horizons pétroliers initialement identifiés.
Le puits a intercepté sept horizons porteurs d'hydrocarbures avec une épaisseur verticale totale de colonne d'hydrocarbures de 2 425 pieds. L'entreprise prévoit quatre tests de flux initiaux de 10 jours chacun, à partir du premier trimestre de 2025, visant les formations Upper Schrader Bluff et Prince Creek. Trois zones pétrolières supplémentaires potentielles ont été identifiées dans la formation Lower Sagavanirktok, nécessitant des tests supplémentaires.
Tous les réservoirs ont été confirmés contenir du pétrole avec du gaz naturel associé. La localisation du puits Megrez-1 près du Trans Alaska Pipeline et sa taille de bassin supérieure aux attentes le rendent particulièrement significatif. Après des tests de flux réussis, les ressources devraient être reclassées de ressources prospectives (2U) à ressources contingentées (2C).
Pantheon Resources gab die vorläufigen Ergebnisse der Analyse seines Megrez-1-Brunnens in der North Slope von Alaska bekannt, die potenzielle signifikante Ressourcenerweiterungen enthüllen. Die Analyse zeigt eine 15% - 50% Steigerung der Ressourcenabschätzungen im Vergleich zur Schätzung vor dem Bohren von 609 Millionen Barrel in den vier ursprünglich identifizierten Ölhorizonten.
Der Brunnen schnitt sieben kohlenwasserstoffhaltige Horizonte mit einer gesamten vertikalen Kohlenwasserstoffsäule von 2.425 Fuß Dicke. Das Unternehmen plant vier anfängliche Flusstests von jeweils 10 Tagen, beginnend im ersten Quartal 2025, mit dem Ziel der Oberen Schrader Bluff- und Prince Creek-Formationen. Drei zusätzliche potenzielle Erdölzonen wurden in der Lower Sagavanirktok-Formation identifiziert, die weitere Tests erforden.
Alle Reservoirs wurden als ölhaltig mit zugehörigem Erdgas bestätigt. Die Lage des Megrez-1-Brunnens in der Nähe der Trans Alaska Pipeline und die größere als erwartete Poolgröße machen es besonders bedeutend. Nach erfolgreichen Flusstests werden die Ressourcen voraussichtlich von prospektiven (2U) zu kontingenten (2C) Ressourcen umklassifiziert.
- Potential 15% - 50% increase in resource estimates vs pre-drill estimate of 609 mmbbls
- Discovery of three additional oil-bearing zones with substantial resource upside
- Larger hydrocarbon column than expected (2,425ft vertical thickness)
- Strategic location near Trans Alaska Pipeline
- All reservoirs confirmed to contain oil with associated natural gas
- Additional testing required to confirm new zones' viability
- Resource reclassification dependent on successful flow testing
This Announcement replaces the one issued earlier today. The full final version is set out below
LONDON, UK / ACCESS Newswire / January 22, 2025 / Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or the "Company"), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, will be presenting at the Sequire Investor Summit today. The Company will be outlining results of log, core and cuttings analysis from the Megrez-1 well and a consequential anticipated upgrade of resource for Ahpun's Eastern Topset. The Company also provides an update on its flow testing plans.
Key Points
In the Four Originally Identified Oil Horizons a Potential
15% -50% Resource Upgrade in: Preliminary volumetrics for Upper Schrader Bluff (Topsets 1 & 3) and Upper & Lower Prince Creek formations indicate the potential for a15% -50% increase in resource estimates vs pre-drill estimate of 609 mmbblsFour Initial Flow Tests Planned at 10 Days Each, Beginning in Q1 2025: Resources expected to be reclassified to contingent resources (2C) upon successful flow testing
Three Additional Potential Oil Bearing Zones in the Lower Sagavanirktok Formation (Above Prince Creek Formation): Log and cuttings analysis identified significant potential additional net pay with excellent porosities and permeabilities resulting in substantial further resource upside potential
Three Further Flow Tests Likely Required: These additional Lower Sagavanirktok zones will be tested, if confirmed by further logs and analysis, prior to suspension of the well as a potential future producer/injector
Increase in Total Hydrocarbon Column to 2,425ft Vertical Thickness ("TVT"): Further analysis of the logs, cores and cuttings (using AHS Baker Hughes' VAS service) indicates that Megrez-1 has intersected a larger hydrocarbon liquid column than originally identified
All Potential Reservoirs Confirmed to Contain Oil with Associated Natural Gas: Volatiles Analysis Service ("VAS") results, based on the cuttings, indicate liquid hydrocarbons throughout the entire column. Gas isotube analysis indicates associated gas with the oil.
Specific depths, thicknesses and net pay assessments are included in the table below.
Bob Rosenthal, Technical Director of Pantheon Resources, said: "The preliminary assessment of the Megrez-1 well results already far exceeds pre-drill estimates. The Megrez structure appears to have trapped a larger pool than we expected. The additional prospective zones in the Lower Sagavanirktok Formation, identified above the Prince Creek Formation, provide further upside that we had not previously considered.
"We will require extensive further work to map their extent and assess the best flow testing strategy. Megrez-1 is particularly exciting, especially considering its size and location - being virtually under the Trans Alaska Pipeline."
David Hobbs, Executive Chairman of Pantheon Resources, said: "It is very early to put estimates on the Ahpun Field's eastern conventional reservoir accumulations but preliminary analysis to include the additional five zones beyond the pre-drill prognosis hints at a best estimate of expected ultimate recoveries for the entire Ahpun field that may compete with Kodiak field estimates.
"The commercial significance of the Megrez-1 well will be better understood once all the zones are tested but the belief shown by Bob Rosenthal and the Geoscience team in this prospect has been fully vindicated."
Confirmation of Initial Well Results, Resource Upgrade and Testing Program
Further analysis of the logs, cores and cuttings (using AHS Baker Hughes' VAS service) indicates that Megrez-1 has intersected a total of seven horizons interpreted as containing liquid hydrocarbons over some 3,682ft MD (2,425ft TVT). Megrez-1 encountered potential oil pay beginning at 4,680ft MD or 4,279ft true vertical depth below sea level ("TVD") all the way to the bottom of the Upper Schrader Bluff TS3 at 8,362ft MD The integrated analysis indicates the following hydrocarbon bearing zones:
Formation | Pay Interval (MD ft) | Pay Interval (TVD ft) | Net Pay (TVT ft) | Test Perforation Interval MD (ft) |
Lower Sagavanirktok (3) | 4,680 - 5,200 | 4,280 - 4,700 | 280 | 4,680 - 5,010 |
Lower Sagavanirktok (2) | 5,240 - 5,620 | 4,730 - 5,005 | 195 | 5,240 - 5,600 |
Lower Sagavanirktok (1) | 5,765 - 6,300 | 5,100 - 5,435 | 195 | 5,765 - 5,985 |
Upper Prince Creek | 6,300 - 6,675 | 5,435 - 5,670 | 160 | 6,300 - 6,580 |
Lower Prince Creek | 6,675 - 7,140 | 5,670 - 5,955 | 140 | 6,700 - 6,950 |
Upper Schrader Bluff (TS1) | 7,145 - 7,940 | 5,955 - 6,445 | 210 | 7,140 - 7,650 |
Upper Schrader Bluff (TS3) | 7,940 - 8,360 | 6,445 - 6,980 | 160 | 7,940 - 8,360 |
The first four flow tests, planned for 10 days each, will be conducted in the Upper Schrader Bluff and Prince Creek formations. In the event of successful flow tests, the reservoir characteristics estimated from cores, logs and cuttings analysis, preliminary volumetric analysis points to c. 670ft TVD net pay (approximately double pre-drill estimates) and would lead to a significant increase in management best estimates of expected ultimate recoverable resources. Post-drill estimates point to the potential of a
Prospective (2U) resources would be reclassified as contingent resources (2C) upon successful flow testing. The Company expects aggregate flow rates from the initial tests comparable to other Brookian discoveries on the North Slope, including Willow and Pikka/Horseshoe.
Additional Prospective Horizons
Additional potential thick oil bearing horizons have been identified in the shallow section above the initial major target zones of the Upper Schrader Bluff and Prince Creek formations which appear to be high quality oil bearing sands. These zones could not be reliably identified on Amplitude versus Offset ("AVO") analysis due to their shallower depth and seismic survey parameters hence the likelihood of a valid trap and potential size of the resource was difficult to assess pre-drill. These zones have now been analysed as containing oil saturations sufficient to merit flow testing.
These additional oil bearing zones above the Prince Creek exhibit high porosities and permeabilities that total [c. 1,620ft] of measured depth ([1,155ft] TVD). Preliminary estimates of net pay in these Lower Sagavanirktok horizons amount to a further vertical [670] ft TVD and, if confirmed will result in a further three flow tests prior to suspension of the well as a potential future producer/injector.
The Company has taken a cautious approach while technical interpretation continues. The results of further analyses of the logs, cores and cuttings, along with volumetric estimates for the three additional horizons and any flow testing results will be shared when available.
For further information, please contact:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
USA Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
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 40 years' relevant experience within the sector.
Management has prepared this announcement in accordance with definitions and guidelines set forth in the 2018 Petroleum Resource Management System (PRMS) approved by the Society of Petroleum Engineers (SPE).
The information contained within this Announcement is deemed by Pantheon Resources PLC to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
About Pantheon Resources
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of
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 shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl (million barrels) of ANS crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
Glossary
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.
Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.
Net pay is a key parameter in reservoir evaluation. It identifies penetrated geological sections that have sufficient reservoir quality and interstitial hydrocarbon volume to function as producing intervals.
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.
SOURCE: Pantheon Resources PLC
View the original press release on ACCESS Newswire
FAQ
What is the expected resource increase for PTHRF's Megrez-1 well?
When will PTHRF begin flow testing at Megrez-1?
How many hydrocarbon-bearing zones were discovered in PTHRF's Megrez-1 well?
What is the significance of PTHRF's Megrez-1 well location?
What type of hydrocarbons were found in PTHRF's Megrez-1 reservoirs?
