Dubhe-1 Appraisal Well Exceeds Pre-Drill Estimates in Target Reservoir
Confirms Additional Prospective Resources in Secondary Objectives
Pantheon Resources plc (AIM:PANR, OTCQX:PTHRF) an oil and gas company focused on developing the Kodiak and Ahpun fields close to existing pipeline and transport infrastructure on Alaska’s North Slope, today reports results from its Dubhe-1 appraisal well.
The well’s primary objective was the topset horizon (SMD-B), appraising a previously discovered resource. In addition, Dubhe-1 was designed to intersect three further exploration horizons — Prince Creek, SMD-C, and the Slope Fan System — none of which have yet been assigned a resource estimate. Logging results have confirmed the presence of additional prospective resource potential across these horizons.
Key Points
· The Dubhe-1 pilot hole was successfully drilled, logged and cored to a total measured depth (“MD”) of 12,833 ft, equivalent to 8,699 ft true vertical depth (“TVD”)
· Analysis of the thickness and quality of the primary target topset confirms that the SMD-B has exceeded the upside pre-drill expectations. The gross thickness of the hydrocarbon column in this interval was measured at 565 ft true vertical thickness (“TVT”); exceeding pre-drill expectations by 26%
· Dubhe-1 also encountered additional hydrocarbon bearing horizons in two of the exploration targets; the SMD-C and two Slope Fans
· The Company intends to drill, and subsequently flow test the planned sidetrack lateral in the SMD-B horizon to refine the production well type curve
Pantheon reported that the hydrocarbon column in the SMD-B zone measured 565 feet, exceeding pre-drill expectations.
In addition, hydrocarbon-bearing intervals were identified in the SMD-C and two Slope Fan zones. These intervals were not included in Pantheon’s previous contingent resource estimates and may provide further upside for future co-development alongside the SMD-B horizon.
The company confirmed it will drill a lateral sidetrack in the SMD-B to enable flow testing and refine its production model. Data from Dubhe-1 is also being analysed to optimise hydraulic stimulation designs.
“We are now transitioning toward field development planning in support of capital-efficient commercial production,” commented CDO Erich Krumanocker. “The upside presented by the SMD-C and Slope Fan zones highlights the enormous potential within our portfolio.”
Drilling operations for the sidetrack are scheduled to begin in the coming days.
Erich Krumanocker, Chief Development Officer, said:
“We are delighted to announce the Dubhe-1 pilot hole results as a success. 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.”
