REG - Pantheon Resources - Dubhe-1 Operational Update

Pantheon ResourcesAnnouncement

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RNS Number : 4607C  Pantheon Resources PLC  08 October 2025

 

 

 

8 October 2025

 

Pantheon Resources plc

 

Dubhe-1 Operational Update - Successful Completion of Fracture Stimulation
Operations

 

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

 

Key Points

·      25 hydraulic fracture stimulation stages successfully completed
in 8 days

·      Operations are now underway to prepare well for clean-up and
production testing

 

Completion Details

As previously announced, the Dubhe-1 lateral was successfully drilled to a
total measured depth ("MD") of 15,800 feet ("ft"), logged and cased back to
surface providing c. 5,200 ft of the wellbore entirely within the SMD-B
target reservoir available for stimulation.

 

Operations commenced on 30 September 2025 with equipment and personnel being
mobilised from Alaska, Canada and the US Lower 48 states. The stimulation
consisted of 25 individual "plug and perforate" stages of approximately 200 ft
each. The programme proceeded in line with expectation with full placement of
both water and sand. There were no spills or safety incidents of any kind
during this operation. This represents an excellent result given Pantheon's
limited prior experience treating this specific reservoir and utilising a full
set of new contractors, including some that had not previously worked in
Alaska.

 

Over the coming weeks, the plugs set in the wellbore to separate the fracture
simulation stages will be drilled out with coiled tubing, and 2-7/8 inch
production tubing will be installed. The well will then be connected to a
temporary well testing system for the commencement of flow testing operations.
The Company expects to release further information, in line with its
regulatory requirements, as the programme proceeds.

 

Erich Krumanocker, Chief Development Officer, said: "We are extremely pleased
with the success of the operations so far. The team did an excellent job
executing this large and intricate operation safely and efficiently. The
stimulation was performed as planned, increasing our confidence in achieving
the objectives of the forthcoming flow testing programme."

 

 

Further information:

 

 Pantheon Resources plc
 David Hobbs, Chairman                                              contact@pantheonresources.com (mailto: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                                   +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 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) .

 

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