Pantheon Resources is an independent oil and gas company incorporated in the UK with a 100% working interest in a portfolio of high impact oil projects focused on the Alaskan North Slope (ANS) spanning some 193,000 acres, all on state (not federal) land. An additional 60,000 acres are to be formally awarded in summer 2024. The ANS is a prolific oil province now regarded as a “Super Basin” which is experiencing an exploration and development revival. Pantheon and its wholly owned subsidiary, Great Bear Petroleum, has been operating in Alaska for over a decade where it has invested over $350 million in building and appraising its portfolio, which includes several major discoveries.
In Alaska, Pantheon has discovered two major fields, Kodiak and Ahpun, which the Company estimates contain contingent recoverable resources in excess of 2 billion barrels of marketable liquids. In August 2023, Pantheon received an Independent Expert Report, on the Lower Basin Floor Fan horizon of the Kodiak field only, from Netherland, Sewell & Associates (NSAI), which provided a best estimate (2C) Contingent Resource (recoverable) of 962.5 million barrels of marketable liquids (oil, condensate and NGLs). These discoveries will now lead the company into a new phase in its corporate strategy, which will see Pantheon transitioning to the development of these resources with near term focus on the Ahpun field, given its advantageous proximity, being located nearest the Dalton Highway and Trans Alaska Pipeline system (TAPS), while continuing to firm up estimates of the Kodiak field’s contingent resources (and recoverable resources from other horizons across the remaining portfolio) through further appraisal.
The Company will focus on developing the resources which are the lowest development cost and closest to commercial production. Focussing on nearer term development assets adjoining the existing export infrastructure will allow the Company to finance its business more conservatively, to enable future funding to be sourced from a position of greater strength whilst minimising expected value dilution over the period up to cashflow breakeven point.
