Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it expects to start flow testing this month for its Megrez-1 well on Alaska’s North Slope.
The testing will evaluate six of seven identified pay zones in the well.
Analysis from available data points to potential flow rates between 200 and 2,000 barrels oil equivalent per day per zone.
"These flow tests could be for transformative for the company - both in terms of aggregate resources base and commercial production potential,” chair David Hobbs a said in a statement.
Chief executive Max Easley, meawhile, added: “Successful flow tests in the deeper zones would demonstrate their suitability to incorporate additional future 10,000ft lateral completions of wells from the Megrez Pad into the overall Ahpun development plan, utilizing the same processing infrastructure to deliver higher economic returns.
“Anticipated results from the shallower horizons would, if successful, support a truly conventional development, analogous to the Pikka and Willow fields (i.e. utilising secondary and tertiary recovery techniques)."
Pantheon noted that the primary goal of the testing is to collect high-quality data rather than maximise initial flow rates. It will use the results to refine resource estimates and optimize future appraisal and development plans.