Pantheon Resources drills dry hole in Ahpun field

• Pantheon Resources drilled a dry hole in its Megrez-1 exploration well in Alaska.
• Preparations continue for the Ahpun field development, including infrastructure, well planning, and the regulatory application process.

Pantheon Resources plc drilled a dry hole in its Megrez-1 exploration well in the eastern topsets in Ahpun field west of the Dalton Highway in Alaska.

The well targeted three topset horizons. A well flow test from 4,830-4,850 ft MD and 4,930-4,950 ft MD perforated intervals in the Lower Sagavanirktok 3 formation produced 2,000 b/d of liquids, but with no appreciable quantities of oil or gas recovered.

The well was shut in on May 20 and will be suspended indefinitely pending further evaluation of the results to date. The results of this exploration well has no bearing on the already discovered 1.57 billion bbl of marketable liquids (ANS Crude) and 6.6 tcf of natural gas in the company's Ahpun and Kodiak projects.

Preparations continue for the Ahpun field development, including infrastructure, well planning, and the regulatory application process. Pantheon's objective remains to achieve cash flow self-sufficiency and sustainable market recognition of a value of at least $5/bbl of recoverable resources by 2028.

Planning is advancing for the Dubhe-1 commercial demonstration well in Ahpun field western topsets to support the development case for Alaska LNG Phase 1 (pipeline). Activities are targeted to begin in summer 2025.