LONDON – Pantheon Resources PLC (AIM:PANR, OTCQX: PTHRF) announced a potential increase in resource estimates at its Megrez-1 well on Alaska’s North Slope, following preliminary analyzes of log, core, and cutting data. The oil and gas company, which is developing the Kodiak and Ahpun oil fields in the region, expects a 15% to 50% resource upgrade for the Eastern Topset in the Ahpun Field based on new known.

Technical Director Bob Rosenthal stated that the Megrez structure may trap a larger oil pool than first anticipated, with the well intersecting seven horizons interpreted to contain liquid hydrocarbons in a measured depth of 3,682ft (2,425ft true vertical thickness). The analysis, which includes the use of AHS Baker Hughes (NASDAQ:)’ Volatiles Analysis Service (VAS), reveals the oil that is correlated throughout the column.

The preliminary volumetric analysis suggests a significant improvement in the management’s best estimates of the expected final recoverable resources, which may be 15% to 50% from the estimates before the drill. The company expects to reclassify future resources to contingent resources upon successful flow testing, which is planned to begin in Q1 2025 with four preliminary tests of 10 days each, which targeting the Upper Schrader Bluff and Prince Creek formations.

In addition to the four originally identified oil horizons, three more potential oil-bearing zones in the Lower Sagavanirktok Formation have been identified, which could lead to three additional flow tests before the well is suspended as one potential future producer or injector.

Executive Chairman David Hobbs stated that the commercial significance of the Megrez-1 well will be better understood after testing all zones, but preliminary analysis shows a best estimate of recoveries for the entire Ahpun field that can compete with Kodiak fields. .

The company is taking a cautious approach as technical interpretation continues and will share further analysis and any flow test results when available. This announcement is based on a press release statement from Pantheon Resources PLC.

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