Pantheon Resources has recently disclosed the findings of an updated Independent Expert Report by Netherland Sewell & Associates (NSAI) regarding the Kodiak Field on the North Slope of Alaska, highlighting its substantial growth potential. The report, discussed by Pantheon Resources Executive Chairman David Hobbs and Technical Director Bob Rosenthal, details the company's acquisition of around 43,000 acres of leases on the fully owned Kodiak Field in December 2023. NSAI's estimates now suggest the Kodiak field contains 1.2 billion barrels of marketable liquids and 5.4 trillion cubic feet of gas, marking a 25% increase in recoverable marketable liquids from the previous 2023 report.
The Kodiak field is recognized as a large basin floor fan accumulation with three well penetrations. Pantheon's recent drilling efforts and lease acquisition strategy have been aimed at moving structurally higher into more favorable reservoir rocks, enhancing porosity and permeability. This approach has led to a 40% rise 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.
As Pantheon's largest project development candidate, the Kodiak oil and gas field is defined by three well penetrations into the Basin Floor Fan structure, spanning over 10 miles from the deepest part of the fan to the 2021 updip Theta West-1 appraisal well. The successful lease bids have secured the remainder of the accumulation to the northwest, adding a considerable volume of recoverable oil and gas to the Kodiak field.
Utilizing its proprietary 3D seismic technology, Pantheon has mapped the full extent of the field, with seismic attributes indicating the presence of light oil throughout the entire field. This achievement not only solidifies Pantheon Resources' position as a major entity in the oil and gas sector but also highlights the Kodiak project's significant growth potential. For more information, visit https://www.pantheonresources.com.
The implications of these findings are profound for the industry, as they not only demonstrate the untapped potential of the Kodiak Field but also underscore Pantheon Resources' strategic approach to resource development. This development is poised to have a considerable impact on the oil and gas market, offering insights into the future of energy resource exploration and production.
