Kodiak – 1.2 billion barrels of marketable liquids independently verified.
Kodiak, which has been successfully confirmed in the Theta West-1 appraisal well, is Pantheon’s largest contingent recoverable resource. The Company believes it has the potential to be recognised as a field with one of the largest hydrocarbon pore volume on the ANS outside of the giant Prudhoe Bay Oil Field. Netherland, Sewell & Associates recently assessed the contingent recoverable resources, in the most likely case, to be c. 1.2 billion barrels of marketable liquids.
Kodiak Field: Gross 100% Working Interest Contingent Recoverable Resources
| Resource Category |
Oil (million bbls) |
NGLs (million bbls) |
Residual Gas (BCF) | Total Marketable Liquids* (million bbls) |
|---|---|---|---|---|
| Low Estimate (1C) | 168.5 | 299.9 | 2,151.7 | 468.3 |
| Best Estimate (2C) | 425.8 | 782.1 | 5,396.3 | 1,207.9 |
| High Estimate (3C) | 1,029.7 | 1,811.6 | 11,748.6 | 2,841.3 |
* Pantheon addition of Oil & NGLs
Overview
The Kodiak project covers approximately 124,000 acres. Pantheon is pursuing the appraisal and development of a truly world class project in an excellent location.
The Talitha-A well confirmed what was hinted at in the Pipeline State #1 well—that both the Upper Basin Floor Fan (UBFF) and the Lower Basin Floor Fan (LBFF) target horizons were oil bearing reservoirs. The VAS conducted by AHS Baker Hughes resulted in them referring to the 3,700 ft hydrocarbon column spanning the Shelf Margin Deltaic, Slope Fans, Basin Floor Fans and Kuparuk formations as a “World Class Petroleum System”.
Although technically an appraisal well, Wood Mackenzie, one of the world’s leading oil and gas consultants, published a report in March 2023 which stated that Theta West-1 was “the fourth biggest discovery well globally in 2022” and largest onshore. They have subsequently listed it as one of the top 20 oil discoveries of the 21st century.
Pantheon recognised this large geological play several years ago and leveraged its proprietary 3D seismic and analytical methodologies to strategically secure a dominant position in the play fairway.
315
million barrels
2C Recoverable Oil
648
million barrels
2C Recoverable NGL
4,465
billion cubic feet
2C Residual Natural Gas
Geology
Pantheon drilled and tested the Theta West-1 well in 2022, confirming the discovery of light sweet crude oil, which will be subject to future appraisal and testing operations leading to a Final Investment Decision anticipated in 2028.
The drilling of Talitha-A in 2021 proved the Kodiak (formerly Theta West) structure as oil bearing; three intervals were individually stimulated and flow tested, producing high quality c. 37 to 39 degree API oil and averaging 73 barrels of oil per day over a three day test period of the LBFF in the Talitha-A well.
As predicted, the Theta West-1 well reservoir target interval was substantially thicker at its (updip) location and substantially shallower than at Talitha-A with improved porosity and permeability. The Theta West-1 reached a total depth at 8,450 ft, encountering approximately 1,160 gross ft of hydrocarbon bearing reservoir and high-quality light oil across the entire section.
The next well planned for drilling on Kodiak will most probably be drilled in the recently acquired acreage which would be expected to encounter the reservoir at a substantially shallower depth at the planned drilling location. This would be expected to yield far superior reservoir qualities in this major resource.
Pantheon’s technical team has examined the impacts of reduced depth of burial on the reservoir quality to be expected in updip locations to the Northwest of the Company’s acreage. This indicates that average porosities would improve from 9% at Talitha-A to as much as 12.5% at a potential Theta West-2 appraisal location in the recently acquired acreage. However, focusing on average porosity may underestimate the flow and recovery potential of the reservoir in the north and west of the field area. While porosity impacts in place volumes in a linear fashion, its correlation with permeability is logarithmic. The analysis indicates potential for as much as 50% of the reservoir interval to exhibit permeabilities of > 0.1 mD (an industry accepted cut off for recognising reservoirs as conventional) which would significantly improve initial flow rates, recovery factors and well completion costs updip at a Theta West-2 appraisal well location.
Newly Acquired Leases - Kodiak
In December 2023, Pantheon announced that it was the successful bidder for an additional 66,240 acres of leases, successfully securing what the Company believes to include some of the highest quality areas of the Kodiak and Ahpun Fields. Netherland, Sewell & Associates is currently undertaking an updated resource estimate for Kodiak to include the new acreage, due by end of Q1 2024.
The new Kodiak leases (43,200 acres) are a continuation of the field updip to the west and north west, with an estimated 8 billion barrels of OIP. As the reservoir becomes shallower to the NW, updip of the existing leases, Pantheon expects lower dMax and improved reservoir quality.
This map shows the average porosity in the Basin Floor Fan. In Kodiak (previously called “Theta West”) this is approximately 10%, and as we move updip, this figure increases up to approximately 15%. This demonstrates that as we move updip, a higher percentage of the Fan is moving from unconventional to conventional reservoir. Despite the improvement in reservoir quality, the Company intends to utilise the advances in completion technology including multi-stage fracs in long lateral wellbores that deliver the most economically efficient production rates and recoveries.
|
OIP |
Gross OIP |
Net OIP1 |
|||||
| Quantities in mmbbls | Low Estimate | Best Estimate | High Estimate | Low Estimate | Best Estimate | High Estimate | COS2 |
| Western Kodiak Leases | - | 7,866 | 11,508 | - | 6,474 | 9,471 | >90% |
|
TRR2 |
Gross Recoverable |
Net Recoverable1 |
|||||
| Quantities in mmbbls | Low Estimate | Best Estimate | High Estimate | Low Estimate | Best Estimate | High Estimate | COS3 |
| Western Kodiak Leases | - | 629 | 1,726 | - | 517 | 1,420 | >90% |
Pantheon Resources plc is an oil and gas exploration, appraisal and development company listed on London’s AIM market with a 100% working interest in a number of high impact projects located onshore Alaska, USA, advantageously located adjacent to pipeline and transport infrastructure.
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