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. 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 August 2023, Pantheon received an Independent Expert Report, on the Lower Basin Floor Fan horizon of the Kodiak field only, from Netherland, Sewell & Associates (NSAI), which provided a best estimate (2C) Contingent Resource (recoverable) of 962.5 million barrels of marketable liquids (oil, condensate and NGLs). 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 underlies the Alkaid and Talitha Units and incorporates the oil reservoirs between the regional top seal and deeper Hue Shale. The Kodiak Field underlies the Theta West/Chimney areas and the Talitha Unit and 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.
-
2015
Alkaid 1 Drilled
-
Q1 2019
Alkaid 1 Flow Test
-
Q1 2021
Talitha A Drilled
-
Q1 2022
Talitha A Re-entered
-
Q1 2022
Theta West 1 Drilled
-
Q3 2022
Alkaid 2 Drilled
-
Q4 2022
Alkaid 2 Flow Test
-
Q3 2023
NSAI Resource Statement
-
Q4 2023
SMD Test
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 has completed an independent review of the Kodiak field and provided best estimates of the oil and natural gas liquid (NGL) contingent resources expected to be recovered that total 962.5 million 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. Netherland, Sewell & Associates has been contracted to provide an independent assessment of recoverable resources at the Ahpun project which is expected to be completed during Q1 2024.
Latest Announcements
Latest Webinar
Strategy & Operations Update
November 2023

Ahpun

Kodiak
