Pantheon Resources PLC CEO Max Easley joined Steve Darling from Proactive to share details on the upcoming testing, which will assess multiple pay zones identified through extensive geological analysis.
Proactive: Welcome back inside our Proactive newsroom. Joining me now is Max Easley, CEO of Pantheon Resources. Max, it's good to see you again. How are you?
Max Easley: Very well, Steve. Good to see you as always.
Proactive: The company has released an update today on testing at the Megrez-1 well. You’re testing multiple areas of that well. Can you share more details on what you’ve announced?
Max Easley: Yes. We’ve analyzed all the logs and core samples, and now it’s time to flow test the well to determine its productivity. We’ve identified seven discrete zones for testing, and we’ve chosen to test six of them. We will be conducting these tests throughout March.
Proactive: In the announcement, you mentioned a focus on the shallower sections. What about the deepest horizon, the Topset 3?
Max Easley: We decided not to test that zone. There are two deep horizons in this well, similar to our previously announced resources in the region. The five shallower intervals we discovered along the way are more conventional in nature. Given our knowledge from previous wells, we believe testing one of the deep horizons will provide all the information we need. The real focus here is on the shallower zones, which could resemble other conventional reservoirs in the region, like Pikka or Willow. We want to evaluate their productivity as well as confirm the deeper intervals.
Proactive: This testing process will take some time. How do you plan to update the market? Will it be all at once or step by step?
Max Easley: We will report results zone by zone. Each test will produce results that we’ll interpret for investors. Our objective is to gather data from the reservoir rather than focus on headline initial production rates. Each interval test takes about two weeks, so over the next two months, we’ll be progressively sharing our findings.
Proactive: Finally, how important is the Megrez-1 program for the company this year?
Max Easley: This is an incredibly exciting program. We already have confirmed resources in the deeper horizons, including the Topsets and Kodiak Fan. This could potentially unlock a significant conventional development. Whenever you discover a resource, the real question is what the flow test will show. It may or may not lead to immediate development, but it will certainly confirm the quality of our resource base to the market.