Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) completed flow testing at the Megrez-1 exploration well in Alaska, with the remaining zones also disappointing.
The company, in a statement, said two intervals in the Lower Sagavanirktok 3 Formation were perforated and lifted to surface with nitrogen. The well produced over 2,000 barrels of liquid per day, though no appreciable oil or gas was recovered.
Pantheon told investors that the Megrez-1 result does not impact the independently certified 1.57 billion barrels of marketable liquids and 6.6 trillion cubic feet of natural gas resources at its Ahpun and Kodiak projects.
“It is disappointing that no mobile oil was discovered in the tested intervals despite observed reservoir properties prior to testing,” chief executive Max Easley said.
“The company will now fully focus on the development of the established Ahpun and Kodiak discovered resources.”