Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF), the oil and gas explorer focused on Alaska’s North Slope, has confirmed the mobilisation of its drilling rig as it prepares to spud a pivotal appraisal well.
The Nabors 105AC rig is now en route to the Dubhe-1 well pad, targeting the Ahpun Topset — a key reservoir zone identified in a June 2024 independent resource report. That report estimated the zone to contain 282 million barrels of oil and 804 billion cubic feet of natural gas, categorised as 2C contingent resources — the best estimate of recoverable volumes, though not yet proven.
Dubhe-1 will test the main reservoir horizon while also assessing deeper or shallower formations that could hold additional hydrocarbons. Pantheon is considering a lateral completion and extended flow test to evaluate long-term production rates for both oil and pipeline-quality gas.
Dubhe-1: Objectives
· Progress the Ahpun Topset development (CG&A estimate (10 June 2024) of 282 mmbbls 2C liquid resources and NPV10 $1.7 billion (at $80 oil))(1)
· Assess the main topset reservoir horizon (SMD-B) in order to plan optimum production laterals
· Penetrate additional potential pay zones (Lower Prince Creek, SMD-C and a Slope Fan)
Oil remains the primary value driver for the project, but Pantheon sees potential upside from associated gas, which could feed into the Alaska LNG Phase 1 project, enhancing its financing strategy.
The company expects drilling results to be a key catalyst over the coming months. A thicker-than-expected reservoir could expand the drilling footprint, and the well will also explore additional zones that were not previously included in resource estimates — potentially boosting the project’s overall scale.
