Further tests21 May 2025 07:07
Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) ("Pantheon" or the "Company"), 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, today 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.