Pantheon Resources Advances Ahpun Topset Development with Dubhe-1 Well

Pantheon Resources PLC (LSE:PANR) has commenced mobilization of the Nabors 105AC rig to the Dubhe-1 pad on Alaska’s North Slope, targeting the Ahpun Topset reservoir. This appraisal well is designed to evaluate the main reservoir horizon and identify additional pay zones, with potential to upgrade the company’s resource estimates and valuation. Plans include a possible lateral completion and a long-term flow test to confirm oil production capacity and pipeline-quality gas, supporting Pantheon’s financing strategy. The company also updated its total voting rights following the issuance of new ordinary shares, impacting shareholder disclosure requirements.

Pantheon Resources continues to face financial challenges marked by unprofitability and negative cash flows, partly mitigated by a stable balance sheet. Technical indicators reflect bearish momentum, though recent corporate developments, such as a successful fundraise and strategic leadership changes, provide a modestly improved outlook.

More about Pantheon Resources

Pantheon Resources plc is an AIM-listed oil and gas company focused on the development of its wholly owned Ahpun and Kodiak fields on Alaska’s North Slope. It holds independently certified contingent recoverable resources estimated at approximately 1.6 billion barrels of ANS crude and 6.6 trillion cubic feet of associated natural gas. The company aims to achieve a sustainable market valuation of $5–$10 per barrel of recoverable resources by the end of 2028, leveraging proximity to existing infrastructure to reduce development time and costs.

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