Pantheon Resources PLC updated resource estimates in the Alkaid horizon within Ahpun field on Alaska's North Slope after being awarded an additional 66,000 acres in the Kodiak and Ahpun projects.
Original resource estimates were issued after the successful re-entry and test of the Alkaid-1 well during the winter of 2019. The current update benefits from additional data gathered from the 5,200 ft horizontal completion and 90-day flow test of the Alkaid-2 well drilled in 2022, the company said in a release.
The Alkaid horizon has poorer reservoir quality than the Ahpun topsets and Kodiak reservoirs. Base case possible reserves are 5 million bbl and 27 bcf of recoverable natural gas in addition to contingent resources totaling 74 million bbl of marketable liquids and 396 bcf of recoverable natural gas. High case contingent resources total 123 million bbl and 634 bcf.
Reserves in the immediate vicinity of the Alkaid-2 well and economic modeling of the overall Alkaid horizon estimate real rates of return more than 20%. The Alkaid-2 long term production test demonstrated the commerciality of the Alkaid horizon in Ahpun.
The existing Kodiak and Ahpun project currently covers 193,000 acres and are in close proximity to pipeline and transportation infrastructure, making development of Ahpun feasible, the company said.
Pantheon Resources has 100% working interest in Kodiak and Ahpun projects.