REG - Pantheon Resources - Further Results from the Flow Testing of Megrez-1

Pantheon ResourcesAnnouncement

21/05/2025 07:00

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RNS Number : 4959J  Pantheon Resources PLC  21 May 2025

 

 

 

 

 

21 May 2025

 

Pantheon Resources plc

Further Results from the Flow Testing of the Megrez-1

 

Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) ("Pantheon" or the "Company"),
an oil and gas company developing the Kodiak and Ahpun oil fields in close
proximity to pipeline and transportation infrastructure on Alaska's North
Slope, today announces the completion of Megrez-1 flow testing.

Lower Sagavanirktok 3 Formation Flow Test:

·      Two intervals were perforated at 4,830-4,850ft measured depth and
4,930-4,950ft measured depth, and then, after running the completion, lifted
to surface with nitrogen.

·      The well produced at a rate in excess of 2,000 barrels of liquid
per day, with no appreciable quantities of oil or gas recovered.

·      The well was shut in during the evening of 20 May 2025 BST and
will now be suspended indefinitely pending further evaluation of the results
to date.

·      The results of the Megrez-1 exploration well has no bearing on
the already discovered 1.57 billion barrels of marketable liquids (ANS Crude)
and 6.6 Trillion Cubic Feet of natural gas independently certified resources
on the Company's Ahpun and Kodiak projects.

 

Forward Work Programme:

·      Preparations continue for the Ahpun field development, including
facilities and 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 per barrel of
recoverable resources by 2028, while minimising value dilution for existing
investors.

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

 

Webinar:

·      The Company will host an investor update via Investor Meet
Company on 21 May 2025, 17:30 BST. The presentation is open to all existing
and potential shareholders. Questions can be submitted at any time during the
live presentation.

·      The webinar will cover the Megrez-1 results and analysis to date,
as well as provide an update on the current development plans for the Ahpun
project where the Company is targeting the spudding of a commercial test well
in summer 2025.

·      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.

 

Max Easley, Chief Executive Officer of Pantheon Resources, commented: "The
production testing of Megrez-1 is now complete. It is disappointing that no
mobile oil was discovered in the tested intervals despite observed reservoir
properties prior to testing. The Company will now fully focus on the
development of the established Ahpun and Kodiak discovered resources, where we
already have independently certified contingent resources of 1.57 billion
barrels of marketable liquids (ANS Crude) 6.6 Trillion Cubic Feet of natural
gas, and to achieve positive cash flow generation."

For further information, please contact:

Corporate Contact
Pantheon Resources plc

Justin Hondris
contact@pantheonresources.com (mailto:contact@pantheonresources.com)

Nominated Adviser and Broker

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond

+44 20 7523 8000

Public Relations Contact
BlytheRay

Tim Blythe, Megan Ray, Matthew Bowld

+44 20 7138 3204

USA Investor Relations Contact

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 Max Easley, a qualified Petroleum Engineer and a member of
the Society of Petroleum Engineers, who has 33 years' relevant experience
within the sector.

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").

 

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 807mile 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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