Pantheon Resources PLC has paused testing operations at its Dubhe-1 well in the Aphun project area on Alaska’s North Slope after nearly two months of flowback activity.
During the testing programme, the well produced around 100,000 barrels of water, 20 million cubic feet of gas and roughly 100 barrels of oil, with about 50% of the injected stimulation fluids recovered to date. Pantheon said it will now carry out pressure build-up tests and further diagnostics before resuming operations in the spring.
While the testing confirmed the presence of mobile hydrocarbons, the company said the combination of low oil volumes so far and high winter operating costs — estimated at about $150,000 per day during flowback — justified the decision to pause. Pantheon noted that further clean-up is required before the well’s commercial potential can be properly assessed.
Despite the pause, the company said it remains confident in the underlying value of its asset base, which it describes as one of the largest undeveloped oil resources on the Alaskan North Slope. Pantheon reported cash and equivalents of US$27.2 million and said it will continue to manage liquidity carefully.
Looking ahead, Pantheon plans to prioritise farm-out arrangements with investment partners to help fund future capital programmes, limit shareholder dilution and strengthen financial capacity. Operational focus will increasingly shift to the Kodiak project area, which the company estimates could host around 1.2 billion barrels of marketable liquids and 5.4 trillion cubic feet of gas, alongside ongoing analysis of data from Aphun.
