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Pantheon Resources PLC on Monday said results from an appraisal well in Alaska exceeded expectations, highlighting the ‘enormous potential’ in the firm’s portfolio. In response, shares in the oil and gas company focused on developing the Ahpun and Kodiak onshore oil fields in Alaska, leapt 13% to 30.30 pence on AIM in London on Monday morning. Pantheon Resources said the Dubhe-1 pilot hole was successfully drilled, logged and cored to a total measured depth of 12,833 feet. Analysis of the thickness and quality of the primary target topset confirmed that the SMD-B zone has exceeded the upside pre-drill expectations. The gross thickness of the hydrocarbon column in this interval was measured at 565 feet, exceeding pre-drill expectations by 26%, the company said. Dubhe-1 also encountered additional hydrocarbon bearing horizons in two of the exploration targets, the SMD-C and two Slope Fans. These were not included in the Ahpun estimated contingent resources of 282 million barrels and 804 billion cubic feet, and therefore represent ‘material upside’ potential alongside the established Ahpun SMD-B primary reservoir, Pantheon said. Pantheon said intends to drill, and subsequently flow test the planned sidetrack lateral in the SMD-B horizon to refine the production well type curve. This is expected to commence over the coming days. Chief Development Officer Erich Krumanocker said: ‘We are delighted to announce the Dubhe-1 pilot hole results as a success. The well confirms the presence and quality of the oil and gas reservoirs in the Ahpun field, exceeding our pre-drill expectations.’ Krumanocker said the ‘upside presented by the SMD-C and Slope Fan zones highlights the enormous potential in our portfolio.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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