REG - Pantheon Resources - Dubhe-1 Operational Update - Ready for Completion

Pantheon ResourcesAnnouncement

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RNS Number : 7869Z  Pantheon Resources PLC  18 September 2025

 

 

 

 

 

 

18 September 2025

 

Pantheon Resources plc

 

Dubhe-1 Operational Update - Ready for Completion

 

Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company
developing the Kodiak and Ahpun projects near pipeline and transportation
infrastructure on Alaska's North Slope, is pleased to announce the timing of
the hydraulic fracture stimulation and associated well testing for the Dubhe-1
well.

 

Key Points

·      Equipment currently being mobilised to the Dubhe pad from
locations in Alaska and Canada

·      A hydraulic fracture stimulation is scheduled on or around the
week commencing September 29(th) and is estimated to take approximately two
weeks to execute

·      Production testing at the Dubhe-1 well is expected to take place
thereafter utilising a temporary production system

 

 

Completion Details

As previously announced, 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 the
pre-drill targeted length of 3000-4000 ft. Subsequently, production casing was
successfully installed and cemented throughout the horizontal lateral and back
to surface.

 

The stimulation is being led by Element Technical Services Inc ("Element"), an
established hydraulic horsepower service provider operating throughout Canada
and Northern United States. As a new entrant to the North Slope of Alaska
service sector, Element was selected for its expertise and efficiency
conducting similar operations in remote and cold weather climates.

 

The completion is a plug and perforate, hydraulically fractured and sand
propped, stimulation. Following the stimulation, a coiled tubing unit will
drill out the plugs separating these stages, and production tubing will be
installed into the well. This operation will likely encompass approximately
two weeks in total subject to final approval by the State of Alaska.

 

Following completion, the well will be flow tested through a temporary
production system. It is anticipated that the well will initially produce
primarily injected water for a period of up to ten days (the cleanup phase)
before any sustainable hydrocarbon volumes can be observed. Given the
importance of the data collected from this well for future development
decisions, the Company is planning to flow test this well for an extended
period.

 

Erich Krumanocker, Chief Development Officer, said: "The team has done an
excellent job drilling, and most recently, setting casing in this key well
appraising our primary Ahpun reservoir (the SMD-B). We are very excited to be
moving ahead with the completion and subsequent flow testing in the coming
weeks. We have assembled a great team of suppliers with extensive experience
and are looking forward to the results."

 

 

Further information:

 

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

 Max Easley, CEO

 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 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 approximately $5 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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