Pantheon Resources sees increase in wealth at Megrez-1 well By Investing.com.

LONDON – Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) oil and gas exploration company has announced initial discoveries from the Migrez-1 well on Alaska’s North Slope, indicating significant increases in hydrocarbon resources. The company, which is developing the Kodiak and Ahpun oil fields, detailed the results at the SECURE Investors meeting today.

Analysis of logs, cores and cuttings from the Megrez-1 well with AHS Baker Hughes (NASDAQ:)’ VAS Services, revealed a total hydrocarbon column of 2,310 feet of vertical thickness (TVT), exceeding initial estimates. This discovery could increase resource estimates for the upper Schrader Bluff and Prince Creek formations by 15% to 50%. Before drilling, these formations are estimated to contain 609 million barrels of oil.

Initial flow tests, scheduled to begin in Q1 2025 and lasting 10 days each, are planned for the four oil fields initially identified. Success of these tests is expected to reallocate the resource from standby (2U (OTC:)) to standby (2C).

Moreover, the company has identified three more oil-bearing zones in the lower Sagavanirktok formation, which show excellent porosity and permeability. These discoveries add approximately 1,620 feet of measured depth, equivalent to 1,040 feet of TVT, and may represent significant additional resources to the surface. If further analysis is warranted, these zones will be flow tested before the well is blocked as a future producer or injector.

All potential reservoirs are interpreted to contain oil with oil, liquid hydrocarbons totaling approximately 2,310ft TVT of total column, of which 1,340ft TVT is interpreted as net pay.

Bob Rosenthal, Technical Director of Pantheon Resources, expressed his excitement about the potential of the Megrez-1 well, particularly its proximity to the Trans-Alaska Pipeline. David Hobbs, executive chairman, indicated that while it was too early to estimate, the Ahpun field’s eastern conventional reservoir reserves could rival the Kodiak field.

The Company continues to work on mapping the extent of these resources and developing a flow testing strategy. These developments are based on a press release from Pantone Resources. Further updates on the analysis and any test results will be shared as they become available.

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