REG - Pantheon Resources - Dubhe-1 Update

Pantheon ResourcesAnnouncement

Mon 07:00

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RNS Number : 3795Y  Pantheon Resources PLC  08 September 2025

 

 

 

 

 

8 September 2025

 

Pantheon Resources plc

 

Dubhe-1 Update

5,200 ft Lateral Exceeds Pre-Drill Targeted Length

 

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                                        SPE PRMS Classification  Best Estimate      Best Estimate               Total Marketable Liquids

Natural Gas Liquids (NGL)

 (Support)                                                              Oil                                            (ANS Crude)
                                                                        (million barrels)  (million barrels)           (million barrels)
 Ahpun - Topset (SMB-B)                        2C                       152                130                         282

 (CG&A - June 24)
 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                                2C                       43                 36                          79

 (LKA - April 24)
 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 (mailto: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 (mailto: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 90% probability (P90) that the
quantities actually recovered will equal or exceed the low estimate.

      B.    There should be at least a 50% probability (P50) that the
quantities actually recovered will equal or exceed the best estimate.

      C.    There should be at least a 10% probability (P10) that the
quantities actually recovered will equal or exceed the high estimate.

 

 mmbo          Million barrels of crude oil

 Oil in Place  is a specialist term in petroleum geology
               (https://en.wikipedia.org/wiki/Petroleum_geology)  that refers to the
               total oil (https://en.wikipedia.org/wiki/Petroleum)  content of an oil
               reservoir (https://en.wikipedia.org/wiki/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 100% owned Ahpun and Kodiak fields located on State of Alaska
land on the North Slope, onshore USA. Independently certified best estimate
contingent recoverable resources attributable to these projects currently
total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural
gas. The Company owns 100% working interest in c. 259,000 acres.

 

Pantheon's stated objective is to demonstrate sustainable market recognition
of a value of $5-$10/bbl of recoverable resources by end 2028. This is based
on bringing the Ahpun field forward to FID and producing into the TAPS main
oil line (ANS crude) by the end of 2028. The Gas Sales Precedent Agreement
signed with AGDC provides the potential for Pantheon's natural gas to be
produced into the proposed 807 mile pipeline from the North Slope to
Southcentral Alaska during 2029. Once the Company achieves financial
self-sufficiency, it will apply the resultant cashflows to support the FID on
the Kodiak field planned, subject to regulatory approvals, targeted by the end
of 2028 or early 2029.

 

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
(http://www.pantheonresources.com) .

 

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