Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) said it has now restarted flow testing operations at its Alkaid #2 well in Alaska following the cleanout of the sand blockage in the wellbore.
Flow test information will only be reported after flow rates have been stabilized, it added.
Jay Cheatham, chief executive, said: “With the sand blockage in the wellbore cleaned out and the production liner reinserted, we can now look forward to observing the potential of Alkaid #2 as the well progresses through the cleanup phase.
“We'll report the results once flow rates have stabilized and the data is representative of the potential of the well.
“As I've stated a number of times, we are very happy with the potential for Alkaid #2 and are optimistic of a positive result."
Pantheon added it had also issued 290,000 shares to non-executive chairman Phillip Gobe following a 100% conversion of restricted stock units, taking his total holding to around 614,000 shares.