REG - Pantheon Resources - Operational Update - Dubhe-1

Pantheon ResourcesAnnouncement

Tue 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251202:nRSB7846Ja&default-theme=true

RNS Number : 7846J  Pantheon Resources PLC  02 December 2025

 

2 December 2025

Pantheon Resources plc

Operational Update - Dubhe-1

 

Pantheon Resources plc (AIM: PANR, OTCQX: PTHRF) ("Pantheon" or the
"Company"), the oil and gas company developing the Kodiak and Ahpun oil fields
immediately adjacent to pipeline and transportation infrastructure on Alaska's
North Slope, is providing an operational and cost update on the Dubhe-1 well.

Operational Update

Well clean-up operations at Dubhe-1 are progressing with production dominated
by previously injected stimulation fluids. Intermittent oil production from
Dubhe-1 commenced on 3rd November, and consistent small oil volumes commenced
from around 19th November. Gas production volumes increased throughout this
period. Thus far, approximately 40% of the injected water volume has been
produced with steady gas production along with the modest production of light
oil. The Company's closest analog to this well is the SMD-B interval in
Alkaid-2 which was flow tested in 2023 and first measured oil production when
a water volume equivalent to approximately 50% of the injected water volume
had been produced. The Company plans to continue the well clean-up until a
representative oil flow rate can be determined. Given that Dubhe-1 has
multiple fracked stages, the clean-up profile may differ from the previous
single zone completion as each stage may clean up at different points in time.

In May 2025, the Company expected that the cost for Dubhe-1 would be
consistent with historical costs of approximately c.$10 million for drilling
the well with a +/-5000 ft lateral/horizontal and approximately $15 million
for the well completion. During final well planning and data gathering
decisions, the Company chose to drill a pilot hole to allow core samples to be
collected, to better refine the target landing zone and to penetrate the
deeper Slope Fan System (SFS) as well as the shallower SMD-C reservoir target.
The final cost for drilling and completing was approximately $33 million,
including the pilot hole to enable evaluation of shallower and deeper horizons
and acquisition of whole and sidewall cores.

Overall, this cost outcome, inclusive of full appraisal scope, contingency
measures (e.g. standby drilling rig and coil tubing unit based on the
experience at Alkaid-2), and inflationary pressures, does not detract from a
solid operating performance. In addition, the construction of the new Dubhe
pad, which will also be available for the drilling of future wells, cost $2.5
million. Clean-up, flow-back and well testing operational costs will be
determined at the end of the programme.

Max Easley, Chief Executive Officer, commented: "I continue to be pleased with
the ongoing safe and efficient execution of our operations to date and look
forward to sharing more about Dubhe-1 results when we have them."

 

Further information:

 

 Pantheon Resources plc
 David Hobbs, Chairman                                              contact@pantheonresources.com

 Max Easley, Chief Executive Officer

 Justin Hondris, SVP, Investor Relations

 Canaccord Genuity Limited (Nominated Adviser, and Joint Broker)
 Henry Fitzgerald-O'Connor                                          +44 20 7523 8000

 James Asensio

 Charlie Hammond

 Oak Securities (Joint Broker)                                      +44 20 3973 3678
 Jerry Keen

 Nick Price

 BlytheRay (Corporate Communications)                               +44 20 7138 3204
 Tim Blythe

 Megan Ray

 Matthew Bowld

 MZ Group (USA Investor Relations                                   +1 949 259 4987
 Contact)

 Lucas Zimmerman

 Ian Scargill

 

 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 approximately $5 per barrel 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 of 79 mmbbl of ANS crude and 424 bcf natural gas.

 

For more information visit www.pantheonresources.com
(http://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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDDXBDDCGGDGUB



            Copyright 2019 Regulatory News Service, all rights reserved