|
Data room for Pantheon’s North Slope projects along TAPS opening
Kay Cashman Petroleum News
London-based Pantheon Resources is about to open its new data room in Houston to potential partners in several onshore North Slope projects that it acquired in January from Great Bear Petroleum.
On Aug. 5, the AIM-listed oil and gas exploration company, which holds between 75% and 90% working interests in the prospects, said “confidentiality agreements are presently being agreed with certain interested parties prior to their admittance into the data room.”
Subject to completion of a successful farmout, Pantheon plans to drill a minimum of two wells in “winter/spring 2019/2020 … with first oil production possible in 2020.”
Geophysics specialist eSeis “will jointly manage the (farmout) process with us and by virtue of their 1% royalty are incentivized to achieve the best farmout terms possible,” Pantheon CEO Jay Cheatham said.
“We firmly believe the quality and potential scale of these assets is world class. I am confident the potential farminees will recognize this once they have seen the data. Our favorable location immediately adjacent to both the Trans-Alaska Pipeline System and the Dalton Highway offers significant advantages compared to other Alaskan projects. This should result in much lower capital requirements and much faster development timetables in a success case, with first cashflows possible in 2020,” he said.
Production early as summer 2020 The Aug. 5 press release said the two wells would “most likely” be drilled at the Talitha prospect and at Alkaid/Phecda.
In a mid-July update, Pantheon said the Alkaid/Phecda phased production project could come online as early as summer 2020, versus 2021.
The advanced schedule was “subject to completion and timing of a successful farmout,” the company said, noting pre-application meetings with state and federal agencies for the pilot production testing of the Alkaid discovery had taken place, with “positive and supportive feedback.”
No permitting issues were identified, Pantheon said.
The Alkaid discovery, drilled but never tested by Great Bear in 2015, was successfully flow tested in March by Pantheon’s local subsidiary, Pantheon Alaska Petroleum Operating. The company combined Alkaid with the nearby Phecda prospect, a remapping process that included merging in additional 3D seismic data. It showed Alkaid and Phecda were part of the same Brookian structural accumulation.
Alkaid/Phecda was estimated to contain 900 million barrels oil in place, with 90-135 million barrels of P50 technically recoverable oil.
In its mid-July update, Pantheon said the nearby Talitha prospect was thought to also hold 900 million barrels of oil, with the same recoverable resource.
- Kay Cashman
| 