Pantheon Resources PLC Announces Dubhe-1 Update
Pantheon Resources (OTCQX:PTHRF) has successfully completed drilling the Dubhe-1 appraisal well lateral in Alaska's North Slope, achieving a total measured depth of 15,800 ft, with approximately 5,200 ft within the SMD-B target reservoir. This exceeded the pre-drill target length of 3,000-4,000 ft.
The company has significantly increased its resource estimates for the Ahpun area to 589 million barrels of marketable liquids, representing a 63% increase (228 million barrels) from previous estimates. The company has secured agreements with key suppliers for hydraulic stimulation ahead of flow tests, including new suppliers bringing expertise from mature unconventional basins.
Pantheon Resources (OTCQX:PTHRF) ha completato con successo la perforazione del laterale del pozzo di valutazione Dubhe-1 nel North Slope dell'Alaska, raggiungendo una profondità misurata totale di 15.800 ft, di cui circa 5.200 ft all'interno del serbatoio target SMD-B. Questo supera l'obiettivo pre-perforazione di 3.000-4.000 ft.
La società ha rivisto al rialzo le stime delle risorse per l'area Ahpun a 589 milioni di barili di liquidi commercializzabili, un aumento del 63% (228 milioni di barili) rispetto alle stime precedenti. Pantheon ha inoltre siglato accordi con fornitori chiave per le stimolazioni idrauliche in vista dei test di produzione, includendo nuovi partner con competenze provenienti da bacini non convenzionali maturi.
Pantheon Resources (OTCQX:PTHRF) ha completado con éxito la perforación del lateral del pozo de evaluación Dubhe-1 en el North Slope de Alaska, alcanzando una profundidad medida total de 15.800 ft, con aproximadamente 5.200 ft dentro del reservorio objetivo SMD-B. Esto supera la longitud objetivo prevista de 3.000-4.000 ft.
La compañía ha aumentado considerablemente sus estimaciones de recursos para el área Ahpun hasta 589 millones de barriles de líquidos comercializables, lo que supone un incremento del 63% (228 millones de barriles) respecto a las estimaciones anteriores. Además, ha firmado acuerdos con proveedores clave para la estimulación hidráulica antes de las pruebas de producción, incorporando nuevos suministradores con experiencia en cuencas no convencionales maduras.
Pantheon Resources (OTCQX:PTHRF)는 알래스카 노스 슬로프의 Dubhe-1 평가정 레터럴 시추를 성공적으로 완료했으며, 전체 측정 심도는 15,800 ft, 그중 약 5,200 ft가 SMD-B 목표 저류층 내에 위치합니다. 이는 사전 목표 길이 3,000–4,000 ft를 초과한 수치입니다.
회사는 Ahpun 지역의 자원 추정치를 5억 8,900만 배럴의 상업적 생산 가능 액체로 크게 상향 조정했으며, 이는 이전 추정치보다 63% (2억 2,800만 배럴) 증가한 수치입니다. 또한 생산성 테스트에 앞서 수압파쇄(하이드로프래킹)를 위해 주요 공급사들과 계약을 체결했으며, 성숙한 비전통 분지 경험을 갖춘 새로운 공급사들도 참여했습니다.
Pantheon Resources (OTCQX:PTHRF) a terminé avec succès le forage du latéral du puits d'évaluation Dubhe-1 dans le North Slope de l'Alaska, atteignant une profondeur mesurée totale de 15 800 ft, dont environ 5 200 ft dans le réservoir cible SMD-B. Cela dépasse la longueur cible estimée avant forage de 3 000–4 000 ft.
La société a fortement révisé à la hausse ses estimations de ressources pour la zone Ahpun, qui s'élèvent désormais à 589 millions de barils de liquides commercialisables, soit une hausse de 63% (228 millions de barils) par rapport aux estimations précédentes. Pantheon a également conclu des accords avec des fournisseurs clés pour la stimulation hydraulique en vue des essais de production, en intégrant de nouveaux prestataires apportant une expertise issue de bassins non conventionnels matures.
Pantheon Resources (OTCQX:PTHRF) hat die Bohrung des Seitenstrangs des Appraisal-Bohrlochs Dubhe-1 im North Slope von Alaska erfolgreich abgeschlossen und eine gemessene Gesamttiefe von 15.800 ft erreicht, davon rund 5.200 ft im Zielreservoir SMD-B. Damit wurde das vor der Bohrung gesetzte Ziel von 3.000–4.000 ft überschritten.
Das Unternehmen hat seine Ressourcenschätzungen für das Ahpun-Gebiet deutlich auf 589 Millionen Barrel verkaufsfähige Flüssigkeiten erhöht, was einer Steigerung von 63% (228 Millionen Barrel) gegenüber früheren Schätzungen entspricht. Zudem wurden Vereinbarungen mit wichtigen Zulieferern für hydraulische Stimulationsmaßnahmen vor den Fließtests getroffen, einschließlich neuer Partner mit Erfahrung aus etablierten unkonventionellen Becken.
- Exceeded pre-drill lateral length target by over 1,200 ft in target reservoir
- 63% increase in estimated marketable liquids resources to 589 million barrels
- Successful confirmation of reservoir consistency with pilot hole results
- Secured all key supplier agreements for hydraulic stimulation with potential cost efficiencies
- Flow testing results still pending to determine commercial viability
- Success of hydraulic stimulation operations remains uncertain
Pantheon Resources plc
Dubhe-1 Update
5,200 ft Lateral Exceeds Pre-Drill Targeted Length
CITY OF LONDON, GB / ACCESS Newswire / September 8, 2025 / Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun oil fields near pipeline and transportation infrastructure on Alaska's North Slope, today announces the successful drilling of the Dubhe-1 appraisal well lateral. The lateral was successfully landed in the topset horizon (SMD-B), the primary target confirmed in the Dubhe-1 pilot hole.
Key Points
The Dubhe-1 horizontal lateral was successfully drilled and logged to a total measured depth ("MD") of 15,800 ft,of which c.5,200 ft was entirely within the SMD-B target reservoir. This exceeded pre-drill targeted length of 3000-4000 ft
Analysis of the quality of the logged pay throughout the horizontal lateral in the primary target SMD-B confirmed the reservoir remained consistent with the pilot hole results
Agreements are in place with all key suppliers for the hydraulic stimulation of the lateral ahead of flow tests to gather detailed production data for development planning and refining the production well type curve
The updated Company best estimate resources for the Ahpun area, based on Dubhe-1 appraisal well results to date is 589 million barrels of marketable liquids - representing an increase of 228 million barrels (c.
63% ) from previously certified resource estimates
Dubhe-1 Well: Horizontal Lateral Outcome
The second phase of the Dubhe-1 well programme consisted of plugging back the pilot hole and drilling the lateral sidetrack into the primary SMD-B zone, entering the target horizon approximately 550 ft northeast of the pilot hole. The well achieved a total measured depth of 15,800 ft with c.5,200 ft within the SMD-B reservoir, exceeding pre-drill expectations. The production test lateral was planned for 3,000 - 4,000 ft and optimisation of the trajectory based on the pilot hole results, combined with good drilling performance, achieved this upside outcome.
The additional shallow hydrocarbon bearing zones were encountered again in the sidetrack. All intervals were logged with a full suite of Logging While Drilling ("LWD") tools and Volatiles Analysis Service ("VAS") of both sealed and unsealed cuttings samples.
Company Resource Update
Building upon the previously released Independent Expert Reports from Cawley, Gillespie & Associates ("CG&A") and Lee Keeling & Associates ("LKA"), the Company has updated estimated resources across the Ahpun area which now totals 589 million barrels of marketable liquids with the inclusion of Topset SMD-B infill targets (where the reservoir thickness exceeds 450 ft), SMD-C and the Slope Fan System. A detailed breakdown is provided below.
Source (Support) | SPE PRMS Classification | Best Estimate Oil | Best Estimate | Total Marketable Liquids (ANS Crude) |
(million barrels) | (million barrels) | (million barrels) | ||
Ahpun - Topset (SMB-B) (CG&A - June 24) | 2C | 152 | 130 | 282 |
Ahpun - Topset (SMD-B) infill opportunities* | 2C | 22 | 18 | 40 |
Ahpun - Slope Fan System* | 2C | 84 | 42 | 126 |
Ahpun - SMD-C (1) | 2C | 41 | 21 | 62 |
Ahpun - Alkaid (LKA - April 24) | 2C | 43 | 36 | 79 |
Total Discovered Resources | 2C | 342 | 247 | 589 |
*Company estimates
(1) Following analysis of well logs and other data collected in the Dubhe-1 well, the interpreted gross thickness of the SMD-C horizon has been increased from 60ft to 172ft.
Forward Plans
The Company is analysing data from both the pilot and the lateral to optimise the design and operation of hydraulic stimulation for the lateral and subsequent flowback. This will be based on a modern completion design and practices currently utilised in the Permian Basin. The Company competitively tendered several service providers for each of these operations and now has contracts and Master Service Agreements in place for all key services, including new suppliers to the North Slope of Alaska bringing expertise from more mature unconventional basins, expected to offer much higher efficiency at lower cost. Preparations are presently underway to initiate operations and more detailed guidance and associated timing will be announced when available. Whilst results to date are extremely encouraging, the outcome of flow testing will determine any path to commerciality.
Erich Krumanocker,Chief Development Officer, said:
"We are delighted to announce the Dubhe-1 horizontal lateral as a success, landing the well in the target reservoir and exceeding our expectations for the length. We are looking forward to progressing with the completion and subsequent flow testing of this well."
Reminder of upcoming Webinar - Tuesday 9 September, 2025 at 5.30pm British Summer Time
Max Easley (CEO), David Hobbs (Chairman), Tralisa Maraj (CFO) and Erich Krumanocker (Chief Development Officer) will host a live investor update presentation via Investor Meet Company on 09 Sept 2025, 17:30 BST.
The presentation will provide an update on the Dubhe-1 well, forward plans for completion and flow testing, as well as discussing the implications of a successful test on development planning of the Ahpun field.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 08 Sept 2025, 09:00 BST, or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet PANTHEON RESOURCES PLC via:
https://www.investormeetcompany.com/pantheon-resources-plc/register-investor
Investors who already follow PANTHEON RESOURCES PLC on the Investor Meet Company platform will automatically be invited.
For further information, please contact:
Corporate Contact
Pantheon Resources plc
Justin Hondris
contact@pantheonresources.com
Nominated Adviser and Joint Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Oak Securities - Joint broker
Jerry Keen, Nick Pryce
+44 20 39733678
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
Investor Relations Contact - USA
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.
Management has prepared this announcement in accordance with definitions and guidelines set forth in the 2018 Petroleum Resource Management System (PRMS) approved by the Society of Petroleum Engineers (SPE).
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").
Glossary
Contingent Resource: Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies.
For Contingent Resources, the general cumulative terms low/best/high estimates are used to estimate the resulting 1C/2C/3C quantities, respectively. The terms C1, C2, and C3 are defined for incremental quantities of Contingent Resources:
A. C1: Denotes low estimate of Contingent Resources. C1 is equal to 1C.
B. C2: Denotes Contingent Resources of same technical confidence as Probable, but not commercially matured to Reserves.
C. C3: Denotes Contingent Resources of same technical confidence as Possible, but not commercially matured to Reserves.
When the range of uncertainty is represented by a probability distribution, a low, best, and high estimate shall be provided such that:
A. There should be at least a
B. There should be at least a
C. There should be at least a
mmbo | Million barrels of crude oil |
Oil in Place | is a specialist term in petroleum geology that refers to the total oil content of an oil reservoir |
SPE | Society of Petroleum Engineers |
Cautionary Statement: Certain statements and estimates contained in this announcement carry an associated risk of accuracy as such statements and estimates are based upon information available at the time of making such statements. Actual results could differ materially from expectations set out in such statements. Among other factors, this could be as a result of changes in economic, market, geological and political factors, the success of future drilling and geological success, geological interpretation, regulatory risk, environmental factors, political/government actions, fluctuations in the price of oil and exchange rates, and business and operational risk management.
About Pantheon 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Pantheon Resources PLC
View the original press release on ACCESS Newswire
FAQ
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