Pantheon Resources PLC Announces Preliminary Log, Core and Cuttings Analysis
Pantheon Resources (PTHRF) announced significant findings from its Megrez-1 well analysis in Alaska's North Slope. The well revealed a larger hydrocarbon column than initially identified, with a total vertical thickness of 2,310ft. The company reported potential 15% - 50% resource upgrade in four originally identified oil horizons, with net pay thickness increased to 670ft TVT versus 300ft pre-drill estimate.
The analysis identified seven horizons containing liquid hydrocarbons, including three additional potential oil-bearing zones in the Lower Sagavanirktok Formation. The company plans four initial flow tests of 10 days each, beginning in Q1 2025, with three additional tests planned for the newly identified zones. All reservoirs are interpreted to contain oil with associated natural gas.
Upon successful flow testing, resources are expected to be reclassified from prospective (2U) to contingent (2C) resources. The company anticipates flow rates comparable to other Brookian discoveries on the North Slope, including Willow and Pikka/Horseshoe.
Pantheon Resources (PTHRF) ha annunciato risultati significativi dall'analisi del suo pozzo Megrez-1 nella North Slope dell'Alaska. Il pozzo ha rivelato una colonna di idrocarburi più grande di quanto inizialmente identificato, con uno spessore verticale totale di 2.310 piedi. L'azienda ha riportato un potenziale incremento delle risorse del 15% - 50% in quattro orizzonti di petrolio originariamente identificati, con uno spessore netto di pagamento aumentato a 670 piedi TVT rispetto alla stima pre-trivellazione di 300 piedi.
L'analisi ha identificato sette orizzonti contenenti idrocarburi liquidi, comprese tre ulteriori zone potenzialmente portatrici di petrolio nella Formazione Lower Sagavanirktok. L'azienda prevede quattro test di flusso iniziali di 10 giorni ciascuno, a partire dal primo trimestre del 2025, con tre ulteriori test pianificati per le zone recentemente identificate. Tutti i serbatoi sono interpretati come contenenti petrolio con gas naturale associato.
Una volta completati con successo i test di flusso, le risorse dovrebbero essere riqualificate da prospettive (2U) a risorse contingenti (2C). L'azienda prevede tassi di flusso comparabili ad altre scoperte brookiane nella North Slope, tra cui Willow e Pikka/Horseshoe.
Pantheon Resources (PTHRF) anunció hallazgos significativos del análisis de su pozo Megrez-1 en la North Slope de Alaska. El pozo reveló una columna de hidrocarburos más grande de lo inicialmente identificado, con un grosor vertical total de 2.310 pies. La empresa informó un potencial aumento de recursos del 15% - 50% en cuatro horizontes de petróleo originalmente identificados, con un grosor neto de pago aumentado a 670 pies TVT frente a la estimación previa al perforado de 300 pies.
El análisis identificó siete horizontes que contienen hidrocarburos líquidos, incluyendo tres zonas adicionales potencialmente productoras de petróleo en la Formación Lower Sagavanirktok. La empresa planea realizar cuatro pruebas de flujo iniciales de 10 días cada una, comenzando en el primer trimestre de 2025, con tres pruebas adicionales planeadas para las zonas recién identificadas. Todos los reservorios se interpretan como que contienen petróleo con gas natural asociado.
Tras pruebas de flujo exitosas, se espera que los recursos sean reclasificados de prospectivos (2U) a contingentes (2C). La empresa anticipa tasas de flujo comparables a otros descubrimientos brookianos en la North Slope, incluyendo Willow y Pikka/Horseshoe.
Pantheon Resources (PTHRF)는 알래스카 북쪽 경사에서 Megrez-1 우물 분석의 중요한 결과를 발표했습니다. 이 우물은 초기 식별보다 더 큰 탄화수소 기둥을 드러냈으며, 총 수직 두께는 2,310피트입니다. 이 회사는 원래 식별된 네 개의 석유 지평선에서 자원 증가 가능성이 15%에서 50%에 이를 수 있다고 보고하며, 순 매장 두께는 드릴링 전 추정치인 300피트에 비해 670피트 TVT로 증가했습니다.
분석을 통해 액체 탄화수소가 포함된 7개의 지평선을 확인했으며, Lower Sagavanirktok Formation에서 세 개의 추가 석유 생산 잠재 영역도 포함되었습니다. 이 회사는 2025년 1분기부터 각 10일 동안의 초기 흐름 테스트 4개를 계획하고 있으며, 새로 식별된 지역을 위해 3개의 추가 테스트도 계획하고 있습니다. 모든 저수지는 석유와 관련된 천연 가스를 포함하는 것으로 해석됩니다.
흐름 테스트가 성공적으로 완료되면 자원은 잠재적 자원(2U)에서 조건부 자원(2C)으로 재분류될 것으로 예상됩니다. 이 회사는 Willow 및 Pikka/Horseshoe를 포함한 North Slope의 다른 Brookian 발견과 유사한 유량을 기대하고 있습니다.
Pantheon Resources (PTHRF) a annoncé des résultats significatifs suite à l'analyse de son puits Megrez-1 sur la North Slope de l'Alaska. Le puits a révélé une colonne d'hydrocarbures plus grande que celle identifiée initialement, avec une épaisseur verticale totale de 2 310 pieds. L'entreprise a signalé un potentiel d'augmentation des ressources de 15 % à 50 % dans quatre horizons pétroliers initialement identifiés, avec une épaisseur nette portée à 670 pieds TVT contre une estimation de 300 pieds avant forage.
Cette analyse a identifié sept horizons contenant des hydrocarbures liquides, y compris trois zones de potentiel pétrolier supplémentaires dans la Formation Lower Sagavanirktok. L'entreprise prévoit quatre tests de flux initiaux de 10 jours chacun, à partir du premier trimestre de 2025, avec trois tests supplémentaires prévus pour les zones récemment identifiées. Tous les réservoirs sont interprétés comme contenant du pétrole avec du gaz naturel associé.
Suite à des tests de flux réussis, les ressources devraient être reclassées de prospectives (2U) à contingentes (2C). L'entreprise anticipe des débits comparables à d'autres découvertes brookiennes sur la North Slope, y compris Willow et Pikka/Horseshoe.
Pantheon Resources (PTHRF) gab bedeutende Ergebnisse aus der Analyse seines Megrez-1-Brunnens in der North Slope von Alaska bekannt. Der Brunnen offenbarte eine größere Kohlenwasserstoffsäule als ursprünglich identifiziert, mit einer gesamten vertikalen Dicke von 2.310 Fuß. Das Unternehmen berichtete von einem potenziellen Ressourcen-Upgrade von 15% - 50% in vier ursprünglich identifizierten Ölhorizonten, wobei die netto Förderhöhe auf 670 Fuß TVT gegenüber der Schätzung von 300 Fuß vor der Bohrung erhöht wurde.
Die Analyse identifizierte sieben Horizonte mit flüssigen Kohlenwasserstoffen, einschließlich drei zusätzlichen potentiellen ölhaltigen Zonen in der Lower Sagavanirktok Formation. Das Unternehmen plant vier anfängliche Flusstests von jeweils 10 Tagen, beginnend im ersten Quartal 2025, mit drei weiteren Tests für die neu identifizierten Zonen. Alle Reservoirs werden als ölhaltig mit zugehörigem Erdgas interpretiert.
Bei erfolgreichem Flusstest werden die Ressourcen voraussichtlich von potenziellen (2U) in bedingte (2C) Ressourcen umklassifiziert. Das Unternehmen erwartet Durchflussraten, die mit anderen Brookian-Entdeckungen in der North Slope vergleichbar sind, einschließlich Willow und Pikka/Horseshoe.
- Increased hydrocarbon column to 2,310ft TVT, significantly larger than initial estimates
- Potential 15-50% resource upgrade from pre-drill estimates of 609 mmbbls
- Discovery of three additional oil-bearing zones with substantial resource upside
- Strategic location near Trans Alaska Pipeline enhancing commercial viability
- Higher net pay thickness of 670ft TVT vs 300ft pre-drill estimate
- Additional flow tests required, extending testing timeline
- Resource estimates remain subject to successful flow testing confirmation
Megrez-1 Upgrade After Preliminary Log, Core and Cuttings Analysis
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 consequnetal anticipated upgrade of resource for Ahpun's Eastern Topset. The Company also provides an update on its flow testing plans.
Key Points
Increase in Total Hydrocarbon Column to 2,310ft 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
Potential
15% -50% Resource Upgrade in Four Originally Identified Oil Horizons: The impact of incorporating the increased net pay thickness to 670 feet ("ft") TVT vs 300ft TVT pre-drill estimate for Upper Schrader Bluff and Prince Creek formations indicates the potential for a15% -50% increase in resource estimates vs pre-drill estimates of 609 mmbbls based on preliminary volumetricsInitial Four 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 670ft TVT of potential net pay with excellent porosities and permeabilities adding c. 1,620ft measured depth ("MD"), equivalent to 1,040ft TVT resulting in substantial additional resource upside potential
Likely Requirement for Three Further Flow Tests: 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
All Potential Reservoirs Interpreted to Contain Oil with Associated Natural Gas: Volatiles Analysis Service ("VAS") results, based on the cuttings, indicate liquid hydrocarbons throughout the entire (now estimated) c. 2,310ft TVT gross column containing 1,340ft TVT that is interpreted as net pay. Gas isotube analysis indicates associated gas with the oil.
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 3,680ft MD (2,310ft TVT). Megrez-1 encountered potential oil pay beginning at 4,680ft MD or 4,514ft true vertical depth ("TVD") all the way to the bottom of the Upper Schrader Bluff TS3 at 8,365ft MD The integrated analysis indicates the following hydrocarbon bearing zones:
Formation | Pay Interval (MD ft) | Pay Interval (TVD ft) | Test Perforation Interval MD (ft) | Net Pay (TVD ft) |
Lower Sagavanirktok (3) | TBC | TBC | 4,680 - 5,010 | TBC |
Lower Sagavanirktok (2) | TBC | TBC | 5,240 - 5,600 | TBC |
Lower Sagavanirktok (1) | TBC | TBC | 5,760 - 5,985 | TBC |
Upper Prince Creek | 6,300 - 6,675 | 5,435 - 5,670 | 6,300 - 6,580 | 160 |
Lower Prince Creek | 6,675 - 7,140 | 5,670 - 5,955 | 6,700 - 6,950 | 140 |
Upper Schrader Bluff (TS1) | 7,145 - 7,940 | 5,955 - 6,445 | 7,140 - 7,650 | 210 |
Upper Schrader Bluff (TS3) | 7,940 - 8,365 | 6,445 - 6,705 | 7,940 - 8,360 | 160 |
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 results of further analyses of the logs cores and cuttings, along with volumetric estimates for these three additional horizons and any flow testing results will be shared when available.
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.
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
AboutPantheon 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.
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 new total hydrocarbon column thickness discovered in Pantheon's (PTHRF) Megrez-1 well?
How much could PTHRF's resource estimates increase based on the Megrez-1 findings?
When will PTHRF begin flow testing at the Megrez-1 well?
How many additional oil-bearing zones were discovered in PTHRF's Megrez-1 well?
What is the new net pay thickness in PTHRF's Megrez-1 well compared to pre-drill estimates?
