Pantheon Resources has recently disclosed the findings of an updated Independent Expert Report conducted by Netherland Sewell & Associates (NSAI) for the Kodiak Field located on the North Slope of Alaska. This report, which was discussed by Pantheon Resources Executive Chairman David Hobbs and Technical Director Bob Rosenthal, highlights the field's considerable potential for oil and gas production. The company's strategic acquisition of around 43,000 acres of leases on the Kodiak Field in December 2023 has played a pivotal role in this development.
According to the NSAI's best estimates, the Kodiak field is now believed to contain 1.2 billion barrels of marketable liquids and 5.4 trillion cubic feet of gas. This represents a 25% increase in recoverable marketable liquids compared to the NSAI's previous report in 2023. The Kodiak field is described as a large basin floor fan accumulation, with three well penetrations. Pantheon's recent drilling activities and acreage acquisition strategy have been focused on moving structurally higher into better reservoir rocks, which has improved porosity and permeability.
This strategic approach has led to a 40% increase in the high estimate of recoverable resources, now standing at 2,840 million barrels of marketable liquids and 11.75 trillion cubic feet of natural gas. The Kodiak oil and gas field is currently Pantheon's largest project development candidate, defined by three well penetrations into the Basin Floor Fan structure. This structure extends over 10 miles from the deepest part of the fan to the 2021 updip Theta West-1 appraisal well.
Pantheon's recent successful lease bids have secured the remainder of the accumulation to the northwest, adding a significant volume of recoverable oil and gas to the Kodiak field. Through its proprietary 3D seismic technology, Pantheon has delineated the full extent of the field. Seismic attributes indicate the presence of light oil across the entirety of the field, further solidifying Pantheon's position as a major player in the oil and gas industry. For more information on Pantheon Resources and their projects, visit https://www.pantheonresources.com.
These findings not only highlight the significant growth potential of the Kodiak project but also position Pantheon Resources as a key player in the industry. The company's commitment to maximizing the potential of its oil and gas assets is evident in its strategic acquisitions and technological advancements, which are set to have a lasting impact on the energy sector.
