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LKA confirms Ahpun's Alkaid resources, reserves at 79 mmbbl
Kay Cashman Petroleum News
In early May, Pantheon released the results of an updated independent expert report by Lee Keeling & Associates on the Alkaid horizon within the Ahpun field on Alaska's North Slope.
(See charts in the online issue PDF)
Highlights of LKA's estimates include:
*Base case possible reserves of 5 million barrels of liquids and 27 billion cubic feet of recoverable natural gas at the Alkaid horizon.
*Contingent resources totaling 74 million barrels of marketable liquids and 396 bcf of recoverable natural gas.
*High case contingent resources totaling 123 million barrels and 634 bcf.
LKA's economic modelling of the overall Alkaid horizon estimated real rates of return in excess of 20%. This supports Pantheon's previous assessment that the Alkaid-2 long term production test demonstrated the commerciality of the Alkaid horizon in Ahpun.
100% working interest Pantheon Resources plc is a London-based oil and gas company with a 100% working interest in the Kodiak and Ahpun projects through its Alaska affiliate Great Bear Pantheon. Total leases amount to 193,000 acres with an additional 66,000 acres to be awarded following successful bids in the December 2023 lease sales, which are in close proximity to pipeline and transportation infrastructure on Alaska's North Slope.
LKA's early May report updates the January 2020 independent export report on the Alkaid horizon (formerly referred to as the 'ZOI' and/or 'Alkaid Deep') within the Ahpun field. The original report was issued after the re-entry and test of the Alkaid-1 well during the winter of 2019.
This latest update benefits from the additional data gathered from the 5,200-foot horizontal completion and 90-day flow test of the Alkaid-2 well drilled in 2022. The Alkaid horizon is the smallest and deepest development candidate in Pantheon's portfolio, with poorer reservoir quality than the Ahpun topsets and Kodiak reservoirs. However, the advantage of its immediate proximity to pipeline and road infrastructure creates optionality for early economic development.
Hobbs' comments "This is an important result for our strategy to move the Ahpun and Kodiak fields through development to production over the coming years. The confirmation that the Alkaid horizon, the most marginal of the resources appraised on our Alaska North Slope acreage, is modelled by the independent experts to deliver real rates of return exceeding 20%, is fantastic news for our development planning. It's important to remember that both the Ahpun topsets and the newly awarded Ahpun Eastern Extension both offer far superior reservoir properties and are similarly located in close proximity to the pipeline and road infrastructure. There are material synergies to be exploited in development, potentially further enhancing expected returns," David Hobbs, Pantheon's executive chairman, said.
"Once again, Jay, Bob and the team are putting in the hard yards to line up all the pieces necessary to deliver our strategic goal of achieving sustainable market recognition of $5-$10 per recoverable barrel by 2028. We are expecting the Cawley Gillespie report on the Ahpun Topsets in the coming weeks and expect to continue building on this momentum going forward," he said.
Field names In 2023 Pantheon incorporated all reservoirs above the Hue Shale into a single field -- Ahpun.
The Ahpun field currently includes two horizons, (i) the 'Alkaid horizon' (the subject of the latest report) and (ii) the shallower topsets, formerly termed the 'SMD'. If successfully tested, subject to funding, in the planned Megrez-1 well, the eastern topsets (secured in the December 2023 lease sale) would also be included. The upper and lower slope fans tested in Talitha-A have not been assessed as commercial by the company and are not currently incorporated into the Ahpun field.
--Petroleum News
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