Pantheon Resources shares were down 1.3% to 139.6p after the oil and gas company reported an update on its Lower Basin Floor Fan resources at Theta West, and an Oil in Place estimate on the Slope Fan System at Talitha.
The firm upgraded its Theta West resource estimate to 17.8 billion barrels of oil, representing a 61% increase compared to its previous estimates.
Pantheon Resources also highlighted a recoverable resource of 1.78 billion barrels in the most likely scenario, marking a 48% rise against its previous estimates.
“This season has been a great one for Pantheon resulting in material resource upgrades,” said technical director Bob Rosenthal.
The company said it believes that its 1.78 billion estimate could be categorised as a Contingent Resource on the basis of oil discoveries confirmed at Theta West, Talitha #A and Pipeline State #1.
The group also noted the new discovery of oil in the Slope Fan System at Talitha, which management estimates could hold up to 2.2 billion barrels of oil in place, however Pantheon clarified that additional examination would need to be carried out before it could estimate the recoverable resource in the Slope Fan System.
Pantheon Resources said its three existing well penetrations into the Lower Basin Floor Fan have confirmed oil resources with high quality light oil encountered across samples of the entire section, and have boosted company confidence in the area reservoir.
“The Theta West project continues to improve as we do further technical work, proving itself as a significant discovery with an estimated 1.78 billion barrels of recoverable resource,” said Pantheon Resources CEO Jay Cheatham.
“Coupled with our initial estimate of 2.2 billion barrels of oil in place in the Slope Fan System, this recent analysis further validates the potential impact of our 100% owned projects on the North Slope. We met our expectations of improved reservoir at the updip Theta West #1 location for the LBFF.”
“I would like thank shareholders for their continued support and for sharing our belief in the potential of our projects.”
