|
Pantheon Resources PLC on Wednesday said it has suspended its Megrez-1 well in Alaska, after completing a ‘disappointing’ flow testing programme. Shares in Pantheon Resources were down 17% at 22.15 pence each in London on Wednesday afternoon. The stock is down 28% over the past year. The oil and gas explorer in the North Slope of Alaska said the well produced at a rate in excess of 2,000 barrels of liquid per day, but there were no appreciable quantities of oil or gas recovered. As a result, the well was shut down on Tuesday evening and will be suspended indefinitely pending further evaluation of the results to date. Pantheon said preparations remain ongoing for the Aphun field development. The firm maintains its targets of cash flow self-sufficiency and sustainable market recognition of a value of at least $5 per barrel of recoverable resources by 2028. The company aims to begin Aphun field activities during the summer of 2025, which includes the Dubhe-1 commercial demonstration well. ‘The production testing of Megrez-1 is now complete. It is disappointing that no mobile oil was discovered in the tested intervals despite observed reservoir properties prior to testing,’ said Chief Executive Officer Max Easley. ‘The company will now fully focus on the development of the established Ahpun and Kodiak discovered resources, where we already have independently certified contingent resources of 1.57 billion barrels of marketable liquids (ANS Crude) 6.6 trillion cubic feet of natural gas, and to achieve positive cash flow generation.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
