Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has released preliminary results at the Megrez-1 well, where the testing in the first of multiple zones has disappointed.
In the Megrez well the Topset 1 reservoir was stimulated across a 290-foot section, but initial results indicated that, at this location, it is in a transition zone with insufficient mobile oil.
Over 1,000 barrels of liquids flowed per day in testing, but the test did not yield measurable hydrocarbons at surface.
Five other targets remain untested in the well, and the company’s analysis of technical data has increased confidence internally over the potential productivity and hydrocarbon potential of these intervals, which are higher in the wellbore.
“Whilst at face value it appears disappointing that the first and deepest interval did not produce material hydrocarbons when you take a closer look, the data we gathered leaves us with increased confidence in the five shallower and more productive horizons that remain to be tested,” chief executive Max Easley said.
“We are confident that these further five zones will, in aggregate, add high-quality inventory to our already significant 1.6 billion barrels of certified resources in Ahpun and Kodiak.
“We look forward to sharing the next set of results as they become available."