6th Jun 2019 10:09
LONDON (Alliance News) - Pantheon Resources PLC on Thursday said analysis of the Alkaid and Phecda resources in Alaska has resulted in an increase in the oil in place of almost 50%.
After testing, the oil in place is estimated at 900 million barrels of oil from the previous estimate of 595 million barrels.
Furthermore, the recovery factor for Alkaid and Phecda has increased from 10% pre-drill to a range of 10 to 15%, the company explained.
Finally, P50 technically recoverable resource, combined from Alkaid and Phecda, has been increased to between 90 to 135 million barrels from 59 million barrels.
"It gives me great pleasure to report this extremely positive news to shareholders. Alkaid has been a great success for our company leading to both a resource upgrade and increased confidence for our other Brookian prospects," Chief Executive Jay Cheatham said.
"It delivers a wonderful near-term development opportunity of scale, in one of the most exciting areas for oil and gas in the US where there are limited opportunities for investment or participation."
"We will complete our data room shortly and welcome discussions with potential farm-in partners who we expect to provide both funding and resource. Our target is to bring the project into production as early as 2021," he concluded.
Pantheon Resources shares were trading 1.5% higher at 23.54 pence each Thursday morning.
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