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Pantheon Resources PLC on Monday said it will pause testing at Dubhe-1, after cleaning up the well for almost two months, and pause preparations for a potential US listing. Shares in Pantheon, an oil and gas company focused on developing the Ahpun and Kodiak onshore oil fields in Alaska, plummeted to 46% to 9.80 pence on Monday afternoon in London. In a letter to shareholders, Chair David Hobbs said Dubhe-1 testing will be paused in order to complete a planned pressure build-up test and other reservoir diagnostics on the well. Production testing is expected to be resumed after the winter, he added. The initial production of Dubhe-1 has been dominated by previously injected stimulation fluids, of which only around 50% have been recovered so far. Pantheon said it will reassess its operating cost base, noting that winter flowback operations currently cost approximately $150,000 per day. At the beginning of the month, Pantheon reported a cost overrun of approximately $8 million for the well, as it continued to carry out clean-up operations to determine a representative oil flow rate. Meanwhile, Pantheon said it intends to renew focus on its Kodiak field, with a parallel analysis and appraisal programme. This is to be carried out concurrently with additional testing and analysis of data from Ahpun. The company on Monday also said it has paused preparations for a potential listing on a US exchange in order to cut down on spending. It will restrict preparations to the re-examination of financial statements and designing internal controls ‘that would serve investors regardless of whether a US listing was progressed or not’, the company said. Hobbs said: ‘Looking ahead, we remain confident in the value inherent to our asset base, representing one of the largest undeveloped oil resources on the Alaskan North Slope.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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