NEWS BULLETIN

June 10, 2019 --- Vol. 25, No.21June 2019

Pantheon: Alkaid online in 2021 with mobile units

Pantheon Resources, which acquired the North Slope assets of Great Bear Petroleum in January, says it will bring its Alkaid oil field online as part of a phased production program as early as 2021.

The field is near the Dalton Highway and the trans-Alaska oil pipeline, possibly allowing for some early year-round oil sales to generate income- unusual for North Slope projects under development. (Ice roads and pads are allowed in roadless areas when the tundra is frozen in the winter. Great Bear was previously allowed to drill in the summer from rig mat drill pad locations along the Dalton Highway.)

Pantheon Alaska Petroleum Operating will use mobile production units to handle output from three or four delineation wells placed adjacent to the Dalton in the highway's already-established transportation corridor, trucking the oil north to Pump Station No. 1 of the trans-Alaska pipeline until full-scale development of approximately 50 wells and related infrastructure with a central processing facility can be permitted and completed.

The year-round operation of these three or four wells, from which Pantheon expects to produce about 1,500 barrels of oil per day each, will involve working with various state agencies and the U.S. Army Corps of Engineers to determine if this will be permitted at this phase of Alkaid's development.

The Alkaid and Phecda prospects have been remapped, indicating Alkaid and Phecda are part of the same structural accumulation.

Combining the two prospects, P50 recoverable reserves have been increased from 59 million barrels of oil to 90-135 million barrels, Pantheon said in a June 6 press release and webcast.

The combined oil in place estimate was upgraded by the company by approximately 50%, increasing from 595 million barrels of oil to 900 million barrels.

- KAY CASHMAN

See story in June 16 issue of Petroleum News, available online June 14 at www.PetroleumNews.com

For information on PN's news bulletin service, call 907-522-9469. PO Box 231651, Anchorage, AK 99523 - 1651


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