LONDON (ShareCast) - (Sharecast News) - Pantheon Resources said on Monday that its Dubhe-1 appraisal well on Alaska's North Slope had exceeded pre-drill expectations in its primary target reservoir and confirmed additional prospective resources in secondary horizons.
The AIM-traded company reported that the SMD-B horizon, the well's main objective, delivered a gross 565 feet of hydrocarbon-bearing column, 26% higher than the pre-drill estimate of 450 feet and 13% above the top end of expectations.

Reservoir quality was consistent with the nearby Pipeline State 1 discovery, Pantheon said.

A 90-foot core with full recovery was taken from within the interval, and the company said it planned to drill and flow test a lateral sidetrack in the zone to refine its production model.

In addition to the primary target, hydrocarbons were identified in the SMD-C and two Slope Fan horizons, which were not included in the company's previous resource estimates for the Ahpun field.

Pantheon said they represented material upside opportunities for co-development alongside the established SMD-B reservoir.

Further hydrocarbon shows were also encountered in the Prince Creek and Upper Schrader Bluff formations, in line with earlier drilling at Megrez-1.

"We are delighted to announce the Dubhe-1 pilot hole results as a success," said chief development officer Erich Krumanocker.

"The well confirms the presence and quality of the oil and gas reservoirs in the Ahpun field, exceeding our pre-drill expectations.

"We are now transitioning toward field development planning in support of capital efficient commercial production.

"The upside presented by the SMD-C and Slope Fan zones highlights the enormous potential in our portfolio."

Pantheon said it was finalising the placement of the Dubhe-1 lateral section, which would be drilled in the coming days, and is assessing hydraulic stimulation designs.

Data from the operation, including logs, cores and cuttings, would be integrated into its reservoir model to guide development of the Ahpun field.

The company said it would host a webinar on 9 September to present the results and discuss the scale of additional prospective resources.

At 1133 BST, shares in Pantheon Resources were up 16.18% at 31.14p.

Reporting by Josh White for Sharecast.com.

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