Pantheon Resources: resource upgrade

Highlights

• A significant management resource upgrade in the LBFF at Theta West to 17.8 billion bbl of oil in place (OIP), a 61% increase on previous estimates, and a recoverable resource of 1.78 billion bbl as a most likely case, a 48% increase on previous estimates.
• Given the discoveries of oil confirmed by testing in the LBFF at Theta West, and previously at Talitha #A, as well as the oil encountered at Pipeline State #1, the company believes the above estimate could be categorised as a Contingent Resource.
• The new discovery of oil in the SFS at Talitha which management believes has the potential to contain 2.2 billion bbl of OIP, opening up another significant development opportunity in and around the current resource base. Additional analysis is required before Pantheon can estimate the recoverable resource in the SFS.
• These resource upgrades will be discussed in the upcoming webinar, along with the expectations for the Alkaid #2 well, planned for July 2022.

Resource upgrades

Lower basin floor fan at Theta West #1:

Pantheon is pleased to report that it has now completed its internal analysis of the LBFF system encountered in the Theta West #1 well. Management estimates the LBFF contains 17.8 billion barrels of OIP and a contingent resource (recoverable) of 1.78 billion bbl as a most likely case, both significant increases on previous estimates. There are now three well penetrations into the LBFF all confirming oil, which combined with the high-quality 3D seismic provides confidence of the large resource potential of this accumulation. The resource upgrade is mostly derived using new reservoir parameters encountered in the Theta West well and greater confidence about the reservoir in general over this large area.

Theta West confirmed the company's prognosis of greatly improved reservoir quality, and thus a deterministic model was constructed of the reservoir using the reservoir parameters of Talitha #A in the down dip portion of the oil accumulation and reservoir parameters from Theta West #1 in the updip portion of the oil accumulation. The Theta West reservoir is some 1500 ft shallower and some 10.5 miles in distance from the Talitha location.

Lower basin floor fan estimates

Prior to shutting in the Theta West #1 well due to the onset of extreme weather, the data obtained during testing had indicated reservoir quality superior to Talitha #A with high quality light oil encountered across the entire section. Samples analysed to date by AHS/BakerHughes, independently contracted to undertake volatiles analyses, has also confirmed the presence of light oil within each and every sample taken across the LBFF. As for all new oilfield discoveries, ultimate commerciality will require long term production testing such as that planned to spud in July at Alkaid #2 and be the first commercial production test of the Brookian sequence in the Pantheon acreage.

Slope fan system at Talitha #A:

The company has also completed its initial analysis of the SFS, a secondary target at the Talitha #A well which management estimates to contain 2.2 billion bbl of OIP. Additional analysis still needs to be undertaken before Pantheon can advise on a recoverable resource estimate for the SFS. Further details will be provided in due course.

During the 2022 winter testing programme, Pantheon successfully stimulated and flow tested the two lobes of the SFS in the Talitha #1 well, producing high quality 35 - 38 °C API oil and averaging 45 bpd over a three day test period.

The two SFS lobes are in two distinct trapping systems and suggest very good reservoir properties. The company's initial analysis suggests that the deeper of the two lobes extends below the Alkaid Deep anomaly and will be assessed in the upcoming Alkaid #2 well, planned for July 2022.

Read the article online at: https://www.worldpipelines.com/project-news/27042022/pantheon-resources-resource-upgrade/