Pantheon Resources PLC: Unveiling the Potential of Ahpun's Eastern Topset

Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF), an independent oil and gas company with a focus on high-impact projects in the Alaskan North Slope, has recently announced preliminary results from the log, core, and cuttings analysis of the Megrez-1 well in the Ahpun project. The findings suggest a significant upgrade in the resource potential of the Ahpun field's eastern conventional reservoir accumulations, hinting at a best estimate of expected ultimate recoveries that may compete with Kodiak field estimates.

The Megrez-1 well, which targeted three topset horizons, encountered a total of seven intersections across four 'horizons,' with a vertical thickness of the hydrocarbon section increased to 2,425 feet. This preliminary analysis indicates a potential resource upgrade of between 15% and 50% across the horizons, which could result in a substantial increase in the Ahpun field's recoverable resources.

Pantheon's technical director, Bob Rosenthal, expressed his excitement about the Megrez-1 well results, stating that the Megrez structure appears to have trapped a larger pool than expected. The additional prospective zones in the Lower Sagavanirktok Formation, identified above the Prince Creek Formation, provide further upside that the company had not previously considered. David Hobbs, Pantheon's executive chair, added that the commercial significance of the Megrez-1 well will be better understood once all the zones are tested, but the belief shown by the Geoscience team in this prospect has been fully vindicated.



The company plans to conduct four initial flow tests of 10 days each, beginning in Q1 2025, with three additional tests planned for the newly identified zones. These flow tests will help validate the resource potential of the Ahpun project and provide more accurate estimates of expected ultimate recoverable resources. Upon successful flow testing, prospective (2U) resources would be reclassified as contingent resources (2C), further solidifying the company's resource estimates.

In conclusion, Pantheon Resources PLC's preliminary log, core, and cuttings analysis of the Megrez-1 well in the Ahpun project suggests a significant upgrade in the resource potential of the Ahpun field's eastern conventional reservoir accumulations. The company's flow testing strategy, including the initial four tests and potential additional tests for newly identified zones, will help validate the resource potential and provide a clearer timeline for commercial production and revenue generation. As the company continues to appraise and develop its resources, these discoveries could play a significant role in Pantheon's long-term development plans and overall value proposition.