Pantheon Resources PLC Announces Preliminary Results from Flow Testing at Megrez 1
Pantheon Resources (PTHRF) has announced preliminary results from flow testing at the Megrez-1 well on Alaska's North Slope. The first of six planned intervals, the Topset 1 (TS1) reservoir, was tested over 290 feet from 7,165 ft to 7,453 ft MD.
The well demonstrated strong liquid rates exceeding 1,000 barrels per day during a 12-day testing period. However, no significant hydrocarbons were produced as the tested interval appears to be in a transition zone with to no mobile oil and gas.
Despite these initial results, the company maintains optimism for the remaining five shallower intervals to be tested. The technical data gathered suggests higher saturations and mobile oil will be found in the shallower stratigraphic sequences. The next interval to be tested is the Lower Prince Creek formation.
Pantheon currently holds 1.6 billion barrels of certified resources in its Ahpun and Kodiak fields.
Pantheon Resources (PTHRF) ha annunciato i risultati preliminari dei test di flusso presso il pozzo Megrez-1 nella North Slope dell'Alaska. Il primo dei sei intervalli pianificati, il serbatoio Topset 1 (TS1), è stato testato su 290 piedi da 7.165 piedi a 7.453 piedi MD.
Il pozzo ha dimostrato forti tassi di liquidi superiori a 1.000 barili al giorno durante un periodo di test di 12 giorni. Tuttavia, non sono stati prodotti idrocarburi significativi poiché l'intervallo testato sembra trovarsi in una zona di transizione con poco o nessun olio e gas mobile.
Nonostante questi risultati iniziali, l'azienda mantiene un ottimismo riguardo ai restanti cinque intervalli più superficiali da testare. I dati tecnici raccolti suggeriscono saturazioni più elevate e olio mobile saranno trovati nelle sequenze stratigrafiche più superficiali. Il prossimo intervallo da testare è la formazione Lower Prince Creek.
Pantheon attualmente detiene 1,6 miliardi di barili di risorse certificate nei suoi campi Ahpun e Kodiak.
Pantheon Resources (PTHRF) ha anunciado resultados preliminares de las pruebas de flujo en el pozo Megrez-1 en la Costa Norte de Alaska. El primero de seis intervalos planificados, el reservorio Topset 1 (TS1), fue probado a lo largo de 290 pies desde 7,165 pies hasta 7,453 pies MD.
El pozo demostró tasas de líquidos fuertes que superan los 1,000 barriles por día durante un período de prueba de 12 días. Sin embargo, no se produjeron hidrocarburos significativos, ya que el intervalo probado parece estar en una zona de transición con poco o ningún petróleo y gas móvil.
A pesar de estos resultados iniciales, la empresa mantiene el optimismo por los otros cinco intervalos más superficiales que se van a probar. Los datos técnicos recopilados sugieren que se encontrarán saturaciones más altas y petróleo móvil en las secuencias estratigráficas más superficiales. El próximo intervalo a probar es la formación Lower Prince Creek.
Pantheon actualmente posee 1.6 mil millones de barriles de recursos certificados en sus campos Ahpun y Kodiak.
팬테온 리소스(PTHRF)가 알래스카 북쪽 경사에 위치한 메그레즈-1 우물에서 유량 테스트의 초기 결과를 발표했습니다. 계획된 여섯 개의 구간 중 첫 번째인 톱셋 1(TS1) 저수지는 7,165피트에서 7,453피트 MD까지 290피트에 걸쳐 테스트되었습니다.
이 우물은 12일간의 테스트 기간 동안 하루에 1,000배럴을 초과하는 강력한 액체 비율을 보여주었습니다. 그러나 테스트된 구간은 이동 가능한 기름과 가스가 거의 없거나 전혀 없는 전이 구역에 있는 것으로 보이기 때문에 유의미한 탄화수소는 생산되지 않았습니다.
이러한 초기 결과에도 불구하고 회사는 나머지 다섯 개의 더 얕은 구간에 대한 낙관적인 전망을 유지하고 있습니다. 수집된 기술 데이터는 더 얕은 층서에서 더 높은 포화도와 이동 가능한 기름이 발견될 것임을 시사합니다. 다음 테스트할 구간은 로워 프린스 크릭 형성입니다.
팬테온은 현재 아푼 및 코디악 유전에서 16억 배럴의 인증된 자원을 보유하고 있습니다.
Pantheon Resources (PTHRF) a annoncé des résultats préliminaires des tests de flux au puits Megrez-1 sur la Côte Nord de l'Alaska. Le premier des six intervalles prévus, le réservoir Topset 1 (TS1), a été testé sur 290 pieds de 7 165 pieds à 7 453 pieds MD.
Le puits a montré des débits de liquides élevés dépassant 1 000 barils par jour pendant une période de test de 12 jours. Cependant, aucun hydrocarbure significatif n'a été produit car l'intervalle testé semble se trouver dans une zone de transition avec peu ou pas de pétrole et de gaz mobiles.
Malgré ces résultats initiaux, l'entreprise reste optimiste quant aux cinq autres intervalles plus superficiels à tester. Les données techniques recueillies suggèrent que des saturations plus élevées et du pétrole mobile seront trouvés dans les séquences stratigraphiques plus superficielles. Le prochain intervalle à tester est la formation Lower Prince Creek.
Pantheon détient actuellement 1,6 milliard de barils de ressources certifiées dans ses champs Ahpun et Kodiak.
Pantheon Resources (PTHRF) hat vorläufige Ergebnisse von Flusstests am Megrez-1-Brunnen an der Nordküste Alaskas bekannt gegeben. Der erste von sechs geplanten Intervallen, das Topset 1 (TS1) Reservoir, wurde über 290 Fuß von 7.165 Fuß bis 7.453 Fuß MD getestet.
Der Brunnen zeigte während eines 12-tägigen Testzeitraums starke Flüssigkeitsraten von über 1.000 Barrel pro Tag. Es wurden jedoch keine signifikanten Kohlenwasserstoffe produziert, da der getestete Intervall offenbar in einer Übergangszone mit wenig bis gar keinem mobilen Öl und Gas liegt.
Trotz dieser ersten Ergebnisse bleibt das Unternehmen optimistisch für die verbleibenden fünf flacheren Intervalle, die getestet werden sollen. Die gesammelten technischen Daten deuten darauf hin, dass in den flacheren stratigraphischen Sequenzen höhere Sättigungen und mobiles Öl gefunden werden. Das nächste zu testende Intervall ist die Lower Prince Creek Formation.
Pantheon hält derzeit 1,6 Milliarden Barrel zertifizierte Ressourcen in seinen Ahpun- und Kodiak-Feldern.
- Strong fluid production rates exceeding 1,000 barrels per day with no decline over 12 days
- Technical data suggests higher oil saturations in shallower sequences
- Company holds substantial certified resource base of 1.6 billion barrels
- First interval (TS1) produced no significant hydrocarbons
- Tested zone appears to be in transition zone with to no mobile oil
- First interval will be abandoned
Preliminary Results from the Flow Testing of the First of Six Intervals at Megrez 1
LONDON, GB / ACCESS Newswire / April 14, 2025 / 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 preliminary results from the flow testing of the first of six intervals in the planned Megrez-1 well testing programme.
Key Highlights
The well was fracture stimulated in the Topset 1 ("TS1") reservoir interval over some 290 feet ("ft") from 7165 ft to 7453 ft MD.
The well was produced for 12 days delivering sustained strong liquid rates, exceeding 1,000 barrels per day at the end of the flow back period, no appreciable hydrocarbons were produced from the well.
Preliminary analysis indicates that although the reservoir is oil bearing, it appears to be in a transition zone with limited to no mobile oil and gas.
The technical data gathered increases confidence in the productivity and hydrocarbon potential of the intervals higher in the wellbore and indicates mobile oil will be found in the shallower stratigraphic sequences.
TS1 will be abandoned and well operations to test the next interval (Lower Prince Creek) will commence as soon as high-pressure pumping equipment is mobilised to the Megrez pad.
Results of Flow Test Programme
The TS1 interval was fracture stimulated in two stages to maximise the productivity potential of the well. These stimulations were successfully executed, and the well was brought on production on 3 April 2025. The well initially produced strongly against a 30/64 inch choke and the well was gradually increased to a final rate of over 1,000 barrels per day. During the 12 day testing programme, the well sustained high fluid rates with no indications of decline. However, no appreciable oil or gas was recorded at surface. Preliminary analysis, incorporating the salinity of the produced water, indicates that the logged and cored hydrocarbon saturations in this interval are consistent with a transition zone where residual oil saturations were insufficient to sustain flow to surface. However, the data gathered increases the robustness of the log analyses that indicate higher saturations and mobile oil will be found in the shallower stratigraphic sequences.
The plan remains to progress systematically up the well to the shallowest interpreted pay zone, the Lower Sagavanirktok zone 3. The objective remains to prioritise data quality rather than seeking to maximise initial flow rates to increase the understanding of the reservoirs and thus optimise future appraisal and development. Operations on the next interval, the Lower Prince Creek formation, will commence shortly with results reported once flow testing is complete.
Max Easley, Chief Executive Officer of Pantheon Resources, added: "Whilst at face value it appears disappointing that the first and deepest interval did not produce material hydrocarbons, when you take a closer look, the data we gathered leaves us with increased confidence in the five shallower and more productive horizons that remain to be tested. We are confident that these further five zones will, in aggregate, add high quality inventory to our already significant 1.6 billion barrels of certified resources in Ahpun and Kodiak. We look forward to sharing the next set of results as they become available."
Further information:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
USA Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
In accordance with the AIM Rules - Note for Mining and Oil & Gas Companies - June 2009, the information contained in this announcement has been reviewed and signed off by David Hobbs, a qualified Petroleum Engineer and a member of the Society of Petroleum Engineers, who has 40 years' relevant experience within the sector.
The information contained within this Announcement is deemed by Pantheon Resources PLC to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
AboutPantheon Resources
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of
A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl of ANS crude and 5,396 bcf of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
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SOURCE: Pantheon Resources PLC
View the original press release on ACCESS Newswire
FAQ
What were the flow test results from Pantheon Resources' (PTHRF) Megrez-1 well's first interval?
How many intervals remain to be tested in PTHRF's Megrez-1 well?
What is the current certified resource base for PTHRF in Alaska?
What is the depth of the tested TS1 interval in PTHRF's Megrez-1 well?
