Pantheon Resources says Dubhe-1 well in Alaska to bring updates

(Alliance News) - Pantheon Resources PLC on Thursday said it expects its Dubhe-1 well in Alaska to generate important news flow in the coming months, as drilling gets underway to appraise a key reservoir and test further targets.

The oil and gas company focused on developing the Ahpun and Kodiak onshore oil fields in the US state of Alaska confirmed that the Nabors 105AC rig is now mobilising to the Dubhe-1 pad on Alaska's North Slope.

The well will appraise the Ahpun Topset horizon, previously known as SMD-B, which sits within the company's Ahpun project area.

Pantheon highlighted a June 2024 report by Cawley Gillespie & Associates that estimated the Ahpun Topsets hold 282 million barrels of marketable crude and 804 billion cubic feet of natural gas in 2C contingent resources, with a net present value of USD1.7 billion at USD80 per barrel.

The Dubhe-1 programme aims to assess the main reservoir to support future production planning. It may include a lateral completion and long-term flow test to prove deliverability of both oil and pipeline-quality gas.

Pantheon said the well could encounter three additional pay zones not included in previous resource estimates: the Lower Prince Creek, SMD-C, and a slope fan system.

The company believes Dubhe-1 may support upgrades to independent resource valuations, particularly if the target zone proves thicker than in nearby wells Talitha-A and Pipeline State 1.

Pantheon Resources shares were up 1.3% at 21.92 pence in London on Thursday afternoon.

By Eva Castanedo, Alliance News reporter

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