Pantheon Resources Projects Significant Resource Growth

Pantheon Resources Projects Significant Resource Growth

Pantheon Resources plc (AIM: PANR, OTCQX: PTHRF), an innovative oil and gas exploration company, is making headlines with new insights from its Megrez-1 well located on Alaska's North Slope. Recent examinations suggest a considerable increase in hydrocarbon resources that have the potential to change the trajectory of its ongoing projects.

Exploration Findings from Megrez-1 Well

During the recent Sequire Investor Summit, Pantheon Resources revealed promising findings from log analyses, core samples, and cuttings collected at the Megrez-1 well. The collaborative analysis with AHS Baker Hughes indicated the presence of a total hydrocarbon column measuring an impressive 2,310 feet vertical thickness (TVT). This number exceeds initial estimations and sets a stage for a possible enhancement of 15% to 50% in resource estimates for the Upper Schrader Bluff and Prince Creek formations.

Before drilling commenced, projections estimated these formations could contain around 609 million barrels of oil. These new findings could significantly boost the company’s oil reserves and operational plans.

Initial Flow Tests on the Horizon

Pantheon Resources is gearing up for initial flow tests, which are slated to start in early 2025 and are expected to span ten days for each of the four previously identified oil horizons. Successful outcomes from these crucial tests will likely promote the classification of resources from prospective (2U) to contingent (2C), marking a pivotal moment for the project.

Additional Zones of Interest

In addition to the primary findings, the company has pinpointed three promising oil-bearing zones in the Lower Sagavanirktok Formation. These zones exhibit remarkable porosity and permeability metrics. Spanning an additional 1,620 feet of measured depth, this equates to roughly 1,040 feet TVT and presents a significant opportunity for increased resource potential.

Potential Impact on Future Operations

With further confirmation through additional analyses, these newly identified zones will undergo flow testing. The company is considering suspending the well for future production or injection based on initial outcomes. The outlook remains positive, with all potential reservoirs understood to contain oil accompanied by natural gas, as liquid hydrocarbons are present throughout the total estimated 2,310-foot TVT gross column, with approximately 1,340 feet interpreted as net pay.

Company Leadership’s Insights

Bob Rosenthal, Technical Director of Pantheon Resources, has shared his enthusiasm about the Megrez-1 well's potential. He noted the strategic location of the well, close to the Trans Alaska Pipeline, which could facilitate future operational scalability. In line with this, Executive Chairman David Hobbs mentioned that while it remains early in the assessment process, the eastern conventional reservoir accumulations in the Ahpun Field could be comparable to those found in the Kodiak field.

Path Forward and Conclusion

The company is dedicated to progressively mapping the extent of these exciting resources while developing a comprehensive flow testing plan. As these developments unfold, Pantheon Resources is committed to providing further updates regarding analyses and the outcomes of their forthcoming flow tests. This exploration journey demonstrates the potential for substantial discoveries in the oil and gas sector, particularly as they enhance their understanding and operational strategies at the Megrez-1 well.

Frequently Asked Questions

What is the significance of the Megrez-1 well findings?

The findings from the Megrez-1 well suggest a substantial increase in hydrocarbon resources that could enhance the company's operational prospects.

When are the initial flow tests scheduled to begin?

The initial flow tests are set to start in early 2025 and will last for approximately 10 days each.

What formations are being targeted for increased resource estimates?

Pantheon Resources is targeting the Upper Schrader Bluff and Prince Creek formations for potential increases in resource estimates based on recent analyses.

How are the new oil-bearing zones expected to impact the project?

The newly identified oil-bearing zones in the Lower Sagavanirktok Formation could represent significant additional resource potential if tested successfully.

What are the future plans for the Megrez-1 well?

Pantheon Resources will continue developing flow testing strategies and evaluating resource mappings at the Megrez-1 well, with ongoing updates provided.

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