Pantheon Resources PLC - Oil and gas company focused on developing the Ahpun and Kodiak fields, onshore US - Completes re-entry of the Alkaid-2 well and flow test of the Shelf Margin Deltaic B horizon. Says that testing operations have been successful at demonstrating producible oil from the SMD horizon in the Aphun field. Notes that post well analysis has suggested that the frac treatment resulted in vertical propagation across the entirety of the the 200 feet gross reservoir column, and extended laterally some 300 to 400 feet. The flow rates themselves were not expected to be material because the objective was to limit drawdown in the initial flow back. However, the actual flow rates were substantially better than prognosed.
Says that following this test, it will reinforce its strategy to move to regulatory approvals for the Ahpun Field development and to proceed with a hot tap into the TAPS main oil line has been reinforced. This plan targets a final investment decision by the end of 2025, with first production to follow in early 2026.
Current stock price: 26.95 pence, down 7.9% in London on Thursday
12-month change: down 70%
By Holly Beveridge, Alliance News reporter
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Pantheon Resources plc (PANR)