Pantheon Resources reports early flowback results from Alaskan well

(Alliance News) - Pantheon Resources PLC on Wednesday said well clean-up operations are ongoing at the Dubhe-1 well in Alaska, US.

The oil and gas company focused on developing the Ahpun and Kodiak onshore oil fields in Alaska said the well remains early in the flowback process.

It said initial production has been dominated by previously injected stimulation fluids, as expected.

So far, only 20% of the injected water has been recovered with "steady gas production" and "intermittent production of light oil", Pantheon Resources said.

It expects that the well will continue to clean up in the coming weeks before a representative rate can be determined from the reservoir.

The company also said that Chief Executive Officer Max Easley will attend the Alaska Resources Conference on Thursday.

"I look forward to participating in the Alaska Resources Conference and engaging with industry participants as we advance development on the North Slope. With the successful completion of the Dubhe-1 stimulation and ongoing well clean-up operations, we are entering an important phase in demonstrating the commercial potential of Ahpun," said CEO Easley.

"I welcome the opportunity to share our industry insights with the broader Alaska resource community, and we will be providing the market with separate updates in due course as we progress through the ongoing testing programme."

Shares in Pantheon Resources were down 10% at 22.64 pence on Wednesday afternoon in London.

By Michael Hennessey, Alliance News reporter

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