Pantheon Resources CEO Jay Cheatham and Executive Chairman David Hobbs joined Steve Darling from Proactive to discuss significant developments regarding the company's Kodiak project, formerly known as Theta West. Cheatham shared insights from an Independent Expert Report, providing estimates of contingent resources recoverable from the Kodiak project. Hobbs said according to the report, the 2C contingent resources of oil and natural gas liquids from the Kodiak project amount to 962.5 million barrels of marketable liquids. Cheatham highlighted the significance of NGLs within Pantheon's projects, noting their material value.
These NGLs can be blended with oil, enhancing their combined stream's overall value. Management's estimation indicates that the combined stream of oil, condensate, and NGLs can yield approximately 90% of the value of the Alaska North Slope price per barrel. Cheatham outlined the company's future plans, specifically regarding the Kodiak project. Pantheon Resource intends to drill the next Kodiak well in an area significantly updip from the previous Talitha-A and Theta West-1 wells. The decision is based on the anticipation that the lower depth of burial in this area will lead to improved reservoir characteristics compared to the previous wells.
This strategic approach underscores the company's commitment to optimizing its exploration and production efforts. To inform these plans, Pantheon Resource has developed a detailed geological model that incorporates data from wells in the immediate area, including the Tarn and Meltwater fields. This approach leverages the latest geological insights to enhance decision-making and maximize the potential of the Kodiak project. Cheatham and Hobbs insights reveal Pantheon Resource's dedication to leveraging advanced geological understanding and technological capabilities to extract maximum value from its assets. The company's strategic approach, combined with its focus on optimizing resource recovery, underscores its commitment to growth and value creation in the energy sector.
