Pantheon Resources Executive Chairman David Hobbs and Technical Director Bob Rosenthal joined Steve Darling from Proactive to announce the results of the updated Independent Expert Report by Netherland Sewell & Associates (NSAI) concerning approximately 43,000 acres of leases on the 100% owned Kodiak Field on the North Slope of Alaska, acquired by the company in December 2023.
According to the report, NSAI's best estimates of Kodiak's contingent recoverable resources amount to 1.2 billion barrels of marketable liquids and 5.4 trillion cubic feet of gas. This represents 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 recent drilling activity and acreage acquisition strategy have focused on moving structurally higher into better reservoir rocks, improving porosity and permeability.
The potential improvement in reservoir quality in the newly acquired acreage underpins 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. Pantheon has delineated the full extent of the field through its proprietary 3D seismic, with seismic attributes indicating the presence of light oil across the entirety of the field.
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Proactive North America
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