Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it is expecting its first independent expert report from consultant Netherland, Sewell & Associates in August.
The report will include estimates of the recoverable resources from the Kodiak field, it noted, and will be followed in autumn by a similar report on the Alkaid Zone within the Ahpun field.
In September, meanwhile, the company said it is expecting the mobilisation of a workover rig to the Alaska project for conducting the frac of the Shelf Margin Deltaic Zone.
"Netherland Sewell and Associates have advised that they require a little more time to incorporate all of the additional acreage and the newly developed understanding of the reservoir fluid composition,” Pantheon chair David Hobbs said.
“We support their desire to provide the most robust report possible and are happy to allow further time.”
He added: “We are pleased to be on track to begin the Alkaid-2 re-entry during September/October as originally planned."
The re-entry will aim to obtain the best possible reservoir fluid samples for pressure-volume temperature (PVT) analysis, which will help test improvements in the frac design, the company noted.
Desktop work, meanwhile, is adding to the understanding of the Alaskan discoveries.
Pantheon noted that analysis of fluid composition from Alkaid-2 test indicates that the reservoir pressure is below the bubble point and therefore there is free gas in the reservoir, but no free gas cap.
Economic modelling estimated “robust returns”, Pantheon highlighted, with a scenario envisaging a 20-well pad development – it came up with valuations between US$6 to US$8 per barrel, with rates of return in the range of 33% and 55%.