Pantheon Resources has revealed the results of an updated Independent Expert Report by Netherland Sewell & Associates (NSAI) concerning the Kodiak Field on the North Slope of Alaska, showcasing its explosive potential.
The report, announced by Pantheon Resources Executive Chairman David Hobbs and Technical Director Bob Rosenthal in a discussion with Steve Darling from Proactive, outlines the company’s acquisition of approximately 43,000 acres of leases on the 100% owned Kodiak Field in December 2023. According to NSAI’s best estimates, the Kodiak field holds 1.2 billion barrels of marketable liquids and 5.4 trillion cubic feet of gas, representing a 25% increase in recoverable marketable liquids compared to NSAI’s previous 2023 report.
Kodiak is identified as a large basin floor fan accumulation with three well penetrations, and Pantheon’s recent drilling activity and acreage acquisition strategy have focused on moving structurally higher into better reservoir rocks, improving porosity and permeability. This strategic approach has resulted in a 40% increase in the high estimate of recoverable resources to 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, which extends over 10 miles from the deepest part of the fan to the 2021 updip Theta West-1 appraisal well. The recent successful lease bids secure the remainder of the accumulation to the northwest and add a significant volume of recoverable oil and gas to the Kodiak field.
Through its proprietary 3D seismic, Pantheon has delineated the full extent of the field, with seismic attributes indicating the presence of light oil across the entirety of the field, solidifying its position as a major player in the oil and gas industry.
These findings highlight the significant growth potential of the Kodiak project, positioning Pantheon Resources as a key player in the industry and emphasizing the company’s commitment to maximizing the potential of its oil and gas assets.
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