LONDON – Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF), an oil and gas exploration company, announced preliminary findings from the Megrez-1 well on Alaska’s North Slope that suggest a significant increase in hydrocarbon resources. The company, which is developing the Kodiak and Ahpun oil fields, detailed the results during the Sequire Investor Summit today.

Analysis of logs, cores, and cuttings from the Megrez-1 well, conducted with AHS Baker Hughes (NASDAQ:)’ VAS service, revealed a total hydrocarbon column of 2,310 feet vertical thickness (TVT), exceeding the original estimate. This finding could lead to a 15% to 50% increase in resource estimates for the Upper Schrader Bluff and Prince Creek formations. Before drilling, these formations were estimated to contain 609 million barrels of oil.

Initial flow tests, scheduled to begin in Q1 2025 and last for 10 days each, are planned for the four originally identified oil horizons. The success of these tests is expected to reclassify the resources from prospective (2U (OTC:)) to contingent (2C).

In addition, the company has identified three additional potential oil-bearing zones in the Lower Sagavanirktok Formation, which exhibit excellent porosity and permeability. These findings add approximately 1,620 feet of measured depth, equivalent to 1,040 feet of TVT, and may represent significant additional resource upside. If confirmed by further analysis, these zones will undergo a flow test before the well can be suspended as a future producer or injector.

All potential reservoirs are interpreted to contain associated oil, with liquid hydrocarbons present throughout the estimated 2,310ft TVT gross column, with 1,340ft TVT interpreted as net pay.

Bob Rosenthal, Technical Director of Pantheon Resources, expressed excitement about the potential of the Megrez-1 well, particularly given its location near the Trans Alaska Pipeline. David Hobbs, Executive Chairman, indicated that while the estimate is still early, the eastern conventional reservoir accumulations in the Ahpun Field will rival those in the Kodiak field.

The company will continue to work on mapping the extent of these resources and developing a strategy to test the flow. These developments are based on a press release statement from Pantheon Resources. Additional analysis updates and any flow test results will be shared as available.

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