REG - Pantheon Resources - Spudding of Dubhe-1 well

Pantheon ResourcesAnnouncement

22/07/2025 09:45

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RNS Number : 0562S  Pantheon Resources PLC  22 July 2025

 

 

 

 

 

22 July 2025

 

Pantheon Resources plc

Spudding of Dubhe-1 well

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, is pleased to announce the spudding of the Dubhe-1
well to appraise the topsets in the Ahpun field, immediately adjacent to
pipeline and road infrastructure.

Dubhe-1 will target the topset horizon (SMD-B) as the primary target,
appraising an already discovered resource. The well is also designed to
encounter three additional exploration horizons (Prince Creek, SMD-C and the
Slope Fan System), none of which have any resource estimate attributed to them
at the present time, but offer additional upside potential if successful.

An Independent Expert Report completed by Cawley Gillespie & Associates
("CGA") in June 2024 estimates the primary target to contain a 2C Contingent
Resource of 282 million barrels of ANS Crude (oil, condensate & NGLs) and
804 billion cubic feet of natural gas. Based on an ANS Crude price at the time
of the report of $80 per barrel delivered to the US West Coast, CGA
estimated the net present value of the total contingent resources in the
western topsets in the Ahpun field (using a real discount rate of 10%)
at $1.74 billion.

Initial results from the well will be announced when drilling operations are
complete.

Pantheon contracted the Nabors 105AC rig, which the Company is familiar with
having used it in previous drilling campaigns, to drill the Dubhe-1 well.
Construction of the gravel pad next to the Dalton Highway was completed in
June 2025, and the pad can be used year-round to support future drilling and
development activities.

Max Easley, CEO of Pantheon Resources plc, said:

"Assuming initial appraisal success at Dubhe-1, it will then allow us move
forward into a test phase with the ultimate goal  of accurately demonstrating
a production type curve which would in turn underpin the planned Ahpun full
field development, whilst at the same time supporting the natural gas volumes
required for the proposed long term gas supply contract into the proposed
Alaska natural gas pipeline (Alaska LNG - Phase 1).

"Dubhe-1 is an appraisal well, appraising an already discovered resource. Oil
has been confirmed in multiple well penetrations of this horizon in the area,
and as such has a significantly lower risk profile than the Megrez-1 well
which was an exploration well. I look forward to reporting on progress once
drilling is complete."

 

Further information:

 

 Pantheon Resources plc                                            +44 20 7484 5361
 David Hobbs, Chairman

 Max Easley, CEO

 Justin Hondris, SVP, Investor Relations

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

 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 Contact)
 
 +1 949 259 4987

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 $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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