Pantheon Resources (LSE:PANR) has issued an operational update on its Dubhe-1 well, confirming continued progress with clean-up activities and the start of oil production. The company reported total drilling and completion costs of roughly $33 million, a figure that includes the drilling of a pilot hole for core sampling and evaluation across several target horizons. Although the well came in at a higher cost than initially anticipated, management remains upbeat about the operational performance and the broader development potential. The newly constructed Dubhe pad is expected to enable additional future drilling, supporting Pantheon’s long-term field development plans.
Pantheon’s outlook continues to be shaped by meaningful operational challenges and financial pressures, including negative profitability and constrained cash flow. These factors remain the primary concerns for valuation. Even so, recent operational milestones and strategic developments introduce the possibility of future upside, contributing to a slightly more constructive view.
More about Pantheon Resources
Pantheon Resources plc is an AIM-listed exploration and development company focused on its 100%-owned Ahpun and Kodiak oil and gas projects on Alaska’s North Slope. The company holds substantial contingent recoverable resources—estimated at 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas—and aims to achieve market recognition of around $5 per barrel of recoverable resources by 2028. Its proximity to existing infrastructure provides key cost and logistical advantages as it advances toward commercial development.
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