Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) has upgraded estimates of its potentially giant oil discovery in Alaska, with the ‘oil-in-place’ estimates swelling by some 61% up to 17.8bn barrels.
The 17.8bn barrels are seen in the Lower Basin Floor Fan (LBFF), which is one of multiple potential plays unearthed by the explorer on Alaska’s North Slope.
Presently, the company’s new in-house estimate of recoverable resources stands at 1.78bn barrels marking a 48% increase. Pantheon noted that following the successful results of the Theta West and Talith wells it believes the recoverable figure could be categorized as a contingent resource.
The company also highlighted to investors that some 2.2bn barrels of estimated oil-in-place is seen in the Slope Fan System (SFS) play, found in the Talitha well, and described it as "opening up another significant development opportunity" though added that further analysis would be required before making a recoverable resource estimate.
"This season has been a great one for Pantheon resulting in material resource upgrades,” said technical director Bob Rosenthal.
Chief executive Jay Cheatham added: "The Theta West project continues to improve as we do further technical work, proving itself as a significant discovery with an estimated 1.78 billion barrels of recoverable resource.
“Coupled with our initial estimate of 2.2 billion barrels of oil in place in the Slope Fan System, this recent analysis further validates the potential impact of our 100% owned projects on the North Slope.
“We met our expectations of improved reservoir at the updip Theta West #1 location for the LBFF.”
Rosenthal, meanwhile, highlighted that Pantheon’s pre-drill predictions were well founded and were proved in the 2021 field season.
The company noted that a company webinar on Tuesday will include analysis of the winter results operationally and plans for continued exploitation beginning with production testing this summer at Pantheon’s next well Alkaid-2.