Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) ("Pantheon"), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, announces the completion of Megrez-1 flow testing.
Lower Sagavanirktok 3 Formation Flow Test:
- Two intervals were perforated at 4,830-4,850ft measured depth and 4,930-4,950ft measured depth, and then, after running the completion, lifted to surface with nitrogen.
- The well produced at a rate in excess of 2,000 barrels of liquid per day, with no appreciable quantities of oil or gas recovered.
- The well was shut in during the evening of 20 May 2025 BST and will now be suspended indefinitely pending further evaluation of the results to date.
- The results of the Megrez-1 exploration well has no bearing on the already discovered 1.57 billion barrels of marketable liquids (ANS Crude) and 6.6 Trillion Cubic Feet of natural gas independently certified resources on the Company's Ahpun and Kodiak projects.
Forward Work Programme:
- Preparations continue for the Ahpun field development, including facilities and well planning and the regulatory application process. Pantheon's objective remains to achieve cash flow self-sufficiency and sustainable market recognition of a value of at least $5 per barrel of recoverable resources by 2028, while minimising value dilution for existing investors.
- Planning is advancing for the Dubhe-1 commercial demonstration well, located in the Ahpun field western topsets, to support the development case for Alaska LNG Phase 1 (pipeline). Activities are targeted to commence during summer 2025.
Webinar:
- The Company will host an investor update via Investor Meet Company on 21 May 2025, 17:30 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation.
- The webinar will cover the Megrez-1 results and analysis to date, as well as provide an update on the current development plans for the Ahpun project where the Company is targeting the spudding of a commercial test well in summer 2025.
- Investors can sign up to Investor Meet Company for free and add to meet PANTHEON RESOURCES PLC via: https://www.investormeetcompany.com/pantheon-resources-plc/register-investor.
- Investors who already follow PANTHEON RESOURCES PLC on the Investor Meet Company platform will automatically be invited.
Max Easley, Chief Executive Officer of Pantheon Resources, commented:
"The production testing of Megrez-1 is now complete. It is disappointing that no mobile oil was discovered in the tested intervals despite observed reservoir properties prior to testing. The Company will now fully focus on the development of the established Ahpun and Kodiak discovered resources, where we already have independently certified contingent resources of 1.57 billion barrels of marketable liquids (ANS Crude) 6.6 Trillion Cubic Feet of natural gas, and to achieve positive cash flow generation."