Other Discovered Resources

Upper Basin Floor Fan

The Basin Floor Fan (BFF) complex spans both the Talitha-A and Theta West-1 wells and is comprised of two horizons, the Upper Basin Floor Fan and the Lower Basin Floor Fan.

Testing operations on the Lower Basin Floor Fan (LBFF) involved perforating three separate 10 ft intervals over 370 ft out of 600 ft of gross section. These three intervals were individually stimulated, and successfully flow tested, producing high quality c. 35 to 39 degree API oil and averaging 73 barrels of oil per day (BOPD) over a three day test period. The Lower Basin Floor Fan is incorporated into the Kodiak Field.

The Upper Basin Floor Fan was logged as hydrocarbon bearing and VAS indicated likely producibility of the accumulation at the Talitha-A location, the results in the Theta West-1 were more equivocal with a discrepancy between log and VAS indications. As a result, the Upper Basin Floor Fan is not incorporated into the Kodiak Field (or its resource assessments) until further appraisal drilling has been undertaken.

Kuparuk

The Kuparuk formation is a prolific regional producer just north of Pantheon’s leases; the giant Kuparuk Field holds an estimated 14 billion barrels of oil.

Oil was discovered in the Kuparuk formation at the Pipeline State #1 well in 1988 but the 47 ft of net oil was never tested. The Talitha-A well was drilled ‘up dip’ from Pipeline State and encountered thicker and better reservoir rocks. The presence of oil in reservoir was independently confirmed by VAS.

High quality light oil flowed intermittently at rates up to 100 BOPD, however, the test experienced several operational issues and the targeted reservoir is believed to exhibit ‘oil wettability’ characteristics. These will be addressed in future wells through the application of different drilling products and techniques. Comprehensive analysis of the VAS and wireline data from these zones over the forthcoming months will enable the Company to fully optimize its testing programme for next season.

Prior to drilling Talitha-A, Pantheon completed an internal analysis of the Kuparuk in late 2020. It found that on a 100% basis, it has the potential to contain 1.4 billion barrels of oil in place, with a Prospective Recoverable Resource of 341 million barrels of oil as a most likely case.