Is the cat out of the bag ?19 Nov 2025 15:13
From the RNS dated 11th September.
David Hobbs said “"I want to add my appreciation for the work done by Erich and his team in moving us towards flow testing the lateral in Dubhe-1, an important milestone for the Company. Our expectation is that a successful flow test will demonstrate a clear path to commercial development including supply of associated gas through the AK LNG Phase 1 pipeline."
From the RNS dated 12th November.
Max Easley, Chief Executive Officer, commented: "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. 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."
At the RDC Alaska conference, Brendan Duval (CEO of Glenfarne Group) confirmed that pipeline construction and pipe delivery are expected to begin in late 2026. This aligns with Glenfarne Alaska LNG’s official timeline, which targets a final investment decision (FID) in 2025 and commencement of pipeline work the following year
Glenfarne Alaska LNG targets late-2026 construction start for 807-mile pipeline project | Underground Construction
The Pantheon Resources (PANR) gas agreement is intended to be part of the inputs into the Final Investment Decision (FID) for the Phase 1 Alaska LNG pipeline. The Gas Sales Precedent Agreement (GSPA) signed between Pantheon and 8 Star Alaska (the Glenfarne/AGDC-led project company) sets the commercial framework for a binding Gas Sales Agreement. That agreement would provide up to 500 million cubic feet per day (mmcfd) of Pantheon’s low‑CO₂ gas for in‑state use over 20 years, and it is explicitly positioned as a key element for the FID
And lastly from PANR website….
Pantheon expects to convert its GSPA with 8 Star Alaska into a take-or-pay contract in a time frame consistent with AKGL FID. The Company would not enter into a contract that contains delivery obligations (consistent with the buyer’s volume commitments) until testing of the Dubhe-1 well confirms long term deliverability. Previous guidance has been that such a contract would be capable of supporting up to $250m in project debt based on the expected build up to plateau rates. Gas revenues can only commence once Alaska LNG Phase 1 is operational.
So, is “the cat out of the bag”? In a sense, yes: the alignment of Dubhe‑1 progress, Glenfarne’s pipeline schedule, and the GSPA framework has reduced uncertainty. Investors appear to be anticipating that Pantheon’s gas will be a cornerstone input into Alaska LNG’s FID. That explains the share price reaction — the market is starting
Sign In
Follow the stocks
