High Impact Oil Projects Focused on the Alaska North Slope, Onshore USA
Pantheon Resources is an independent oil and gas company incorporated in the UK with a 100% working interest in a portfolio of high impact oil projects focused on the Alaskan North Slope (ANS) spanning some 193,000 acres, all on state (not federal) land. An additional 60,000 acres are to be formally awarded in summer 2024. The ANS is a prolific oil province now regarded as a “Super Basin” which is experiencing an exploration and development revival. Pantheon and its wholly owned subsidiary, Great Bear Petroleum, has been operating in Alaska for over a decade where it has invested over $350 million in building and appraising its portfolio, which includes several major discoveries.
In Alaska, Pantheon has discovered two major fields, Kodiak and Ahpun, which the Company estimates contain contingent recoverable resources in excess of 2 billion barrels of marketable liquids. In April 2024, Pantheon received an Independent Expert Report on the Kodiak field from Netherland, Sewell & Associates (NSAI), which provided a best estimate (2C) Contingent Resource (recoverable) of 1.2 billion barrels of marketable liquids (oil, condensate and NGLs), and 5.4 trillion cubic feet of gas. These discoveries will now lead the company into a new phase in its corporate strategy, which will see Pantheon transitioning to the development of these resources with near term focus on the Ahpun field, given its advantageous proximity, being located nearest the Dalton Highway and Trans Alaska Pipeline system (TAPS), while continuing to firm up estimates of the Kodiak field’s contingent resources (and recoverable resources from other horizons across the remaining portfolio) through further appraisal.
The Company will focus on developing the resources which are the lowest development cost and closest to commercial production. Focussing on nearer term development assets adjoining the existing export infrastructure will allow the Company to finance its business more conservatively, to enable future funding to be sourced from a position of greater strength whilst minimising expected value dilution over the period up to cashflow breakeven point.
Pantheon’s Ahpun and Kodiak projects are situated in a unique geographic location adjoining the underutilized export and transport infrastructure for Alaskan North Slope oil and gas activities. These assets are immediately underneath and adjacent to the TAPS (Trans Alaska Pipeline System) main oil line and the Dalton Highway, enhancing the commercial potential and offering a major competitive advantage over other companies’ operations on the ANS.
Pantheon’s primary assets are two giant oilfields known as Ahpun and Kodiak which are effectively the major discovered oil projects across the discovery and appraisal wells of Pipeline State, Alkaid-1, Talitha-A, Theta West-1 and Alkaid-2. These two giant fields will be the core focus of activity over coming years, with Ahpun being near term development/production and Kodiak providing high impact appraisal in the run up to approval of its development, expected in 2028.
The Ahpun Field is comprised of a set of deltaic topset horizons which contain the predominate resource in the Field. It incorporates the oil reservoirs between the regional top seal and deeper Hue Shale. The Kodiak Field is effectively one giant basin floor below the Hue Shale and above the HRZ shale. There are other regional discoveries in and around Ahpun and Kodiak which include the Kuparuk oil zone and a system of separate fan plays including the Slope Fan System and the Upper Basin Floor Fan. These discoveries will be part of Pantheon’s long term appraisal plan where activity will commence following investment decisions on Kodiak development.
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2015
Alkaid 1 Drilled
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Q1
2019Alkaid 1 Flow Test
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Q1
2021Talitha A Drilled
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Q1
2022Talitha A Re-entered
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Q1
2022Theta West 1 Drilled
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Q3
2022Alkaid 2 Drilled
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Q4
2022Alkaid 2 Flow Test
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Q3
2023NSAI Resource Statement
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Q4
2023Alkaid-2 Recompletion
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Q2
2024Updated NSAI Resource Statement
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Q2
2024Alkaid IERs
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Q2
2024GSPA with AGDC
Drilling by Pantheon/Great Bear Petroleum and adjoining operators has highlighted the significant prospectivity of Pantheon’s acreage, offering billions of barrels of oil and other marketable liquid potential in stacked conventional targets across multiple geological plays.
Netherland, Sewell & Associates completed an independent review of the Kodiak field and provided best estimates of the oil, condensate and NGL contingent resources expected to be recovered, totalling 1.2 billion barrels. This validation in the form of an Independent Expert Report (IER) from one of the world’s most respected petroleum property analysis companies has instilled further confidence in management’s modelling of the resources.
Pantheon’s near-term focus is to prove the resource, reserve and commercial potential of its Ahpun project, where the Company believes a significant commercial resource has been discovered and successfully tested at Alkaid-2. In Q2 2024, Pantheon received an Independent Expert Report from Lee Keeling & Associates (LKA) on the Ahpun Alkaid horizon, estimating 79 million barrels of recoverable reserves. Later in Q2 2024, a report was received from Cawley Gillespie & Associates (CGA) on the Ahpun western topsets, estimating 282 million barrels of contingent recoverable resources of marketable liquids.
AGDC GSPA
In June 2024, Pantheon entered into a Gas Sales Precedent Agreement with Alaska Gasline Development Corporation (AGDC), a state-owned entity leading the efforts for the proposed development of the Alaska LNG Project. Under the agreement, Pantheon agrees to provide up to 500 million cubic feet of gas to Southcentral Alaska through Phase 1 (pipeline) on terms that provide funding capacity to support all costs after Ahpun Field Final Investment Decision.
Pantheon believes that material borrowing capacity supported by the agreement has the potential to be enough to achieve financial self-sufficiency for full Ahpun and Kodiak developments, and will also result in material gas disposal cost savings to Pantheon.
Pantheon’s agreement with AGDC creates an optimal alignment of interests with the State of Alaska. The objective is for Pantheon to provide lower cost gas than alternatives – a win-win benefitting Alaskan consumers faced with looming supply shortfall. Furthermore, the agreement removes reliance on LNG exports to support pipeline construction costs which enhances the overall Alaska LNG project.
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