Pantheon Resources has uncovered a “world-class” oil discovery on its Theta West acreage in Alaska, according to independent consultants brought in to assess the area’s potential. Baker Hughes Advanced Hydrocarbon Stratigraphy (AHS) was charged with compiling a report based on data collated after a successful appraisal well drilled early this year.
The firm believes there is a continuous column of oil-bearing cuttings of at least 1,360 ft that is host to a light crude in the order of 37–39 °API. The AHS report concluded there are “abundant good-quality reservoirs” with an “ultimate, nonpermeable seal” at 7,070 ft.
Pantheon said the results are supportive of analyses of cuttings from previous work on the acreage on Alaska’s prolific North Slope. The company estimated the project, which is close to infrastructure, is host to 17 billion bbl of which 10%, or 1.7 billion bbl, is deemed recoverable.