Pantheon Resources, 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, has announced the completion of Megrez-1 flow testing.
Lower Sagavanirktok 3 Formation Flow Test:
- Two intervals were perforated at 4,830-4,850ft measured depth and 4,930-4,950ft measured depth, and then, after running the completion, lifted to surface with nitrogen.
- The well produced at a rate in excess of 2,000 barrels of liquid per day, with no appreciable quantities of oil or gas recovered.
- The well was shut in during the evening of 20 May 2025 BST and will now be suspended indefinitely pending further evaluation of the results to date.
- The results of the Megrez-1 exploration well has no bearing on the already discovered 1.57 billion barrels of marketable liquids (ANS Crude) and 6.6 Trillion Cubic Feet of natural gas independently certified resources on the Company's Ahpun and Kodiak projects.
Forward Work Programme:
- Preparations continue for the Ahpun field development, including facilities and well planning and the regulatory application process. Pantheon's objective remains to achieve cash flow self-sufficiency and sustainable market recognition of a value of at least $5 per barrel of recoverable resources by 2028, while minimising value dilution for existing investors.
- Planning is advancing for the Dubhe-1 commercial demonstration well, located in the Ahpun field western topsets, to support the development case for Alaska LNG Phase 1 (pipeline). Activities are targeted to commence during summer 2025.
Max Easley, Chief Executive Officer of Pantheon Resources, commented: 'The production testing of Megrez-1 is now complete. It is disappointing that no mobile oil was discovered in the tested intervals despite observed reservoir properties prior to testing. The Company will now fully focus on the development of the established Ahpun and Kodiak discovered resources, where we already have independently certified contingent resources of 1.57 billion barrels of marketable liquids (ANS Crude) 6.6 Trillion Cubic Feet of natural gas, and to achieve positive cash flow generation.'
Source: Pantheon Resources
