LONDON – Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) has announced a potential increase in resource estimates for the Megrez-1 well on Alaska's North Slope, following preliminary analysis of log, core, and cutting data. The oil and gas company, which is developing the Kodiak and Ahpun oil fields in the region, expects a 15% to 50% improvement in Ahpun Field's Eastern Topset resources based on new results.
Technical Director Bob Rosenthal said the Megrez formation may capture a larger oil reservoir than originally expected, with the well intersecting seven horizons interpreted as containing liquid hydrocarbons above a measured depth of 3,682ft (2,425ft true vertical depth). Analysis, including the use of AHS Baker Hughes (NASDAQ:)' Volatiles Analysis Service (VAS), featured oil related to every column.
Preliminary quantitative analysis suggests a significant increase in management's best estimate of expected recoverable resources, potentially 15% to 50% over pre-production estimates. The company expects to adapt the potential resources to the successful flow test, which is scheduled to begin in Q1 2025 with the first four tests every 10 days, targeting the Upper Schrader Bluff and Prince Creek formations.
In addition to the four oil horizons initially identified, three other potentially oil-bearing zones in the Lower Sagavanirktok Formation have been identified, which could lead to three additional flow tests before the well is suspended as a producer or potential future injection.
Executive Chairman David Hobbs stated that the commercial importance of the Megrez-1 well will be better understood after all areas have been tested, but preliminary analysis shows the best recovery estimates for the entire Ahpun field that could compete with that of the Kodiak field. .
The company has taken a cautious approach while technical interpretation is ongoing and will share further analysis and any flow test results when available. This announcement is based on a press release from Pantheon Resources PLC.
This article is powered by AI and updated by an editor. For more information see our T&C.