Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it has made a hydrocarbon discovery at the Megrez-1 well, on the Ahpun field on Alaska's North Slope.
Megrez-1 encountered multiple zones of light liquid hydrocarbons over a 1,260-foot vertical interval, it said. Preliminary analysis confirms hydrocarbon-bearing zones across three formations, with porosities above 20%.
"This is an excellent result, justifying our assessment of both the geological chances of success and the likelihood of encountering commercially viable resources,” said technical director Bob Rosenthal.
“We are now evaluating the extensive data gathered in the well, which will take some time, but will provide us with maximum information to design well testing.
“Tony Beilman and the team have done a great job in delivering this well on time and budget, including gathering a full suite of wireline logs and a whole core.
Rosenthal added: "It's early days in the evaluation of the well results.
“The full significance of these results will become clearer once the data are analysed and after production testing, expected during Q1 2025."
The Megrez-1 well had production casing installed in anticipation of long-term testing.
Pantheon collected cores from the well and initial data analysis is expected in February 2025.