Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF), the oil and gas company working on projects in Alaska’s North Slope, has confirmed that its drilling rig is on the move to start an important appraisal well.
The Nabors 105AC rig is being mobilised to the Dubhe-1 well pad.
Dubhe-1 targets the Ahpun Topset, a key reservoir zone. It is estimated in a June 2024 independent report to hold 282 million barrels of oil and 804 billion cubic feet of natural gas, classified as 2C contingent resources.
“2C” refers to the best estimate of resources that are potentially recoverable but not yet proven.
The well aims to test the main reservoir horizon and assess additional layers that could hold oil or gas.
Pantheon is also planning for a potential lateral well completion and long-term flow testing, which would demonstrate how much oil and pipeline-quality gas can be produced.
The company says oil production is the primary value driver for the project, while associated gas could contribute through the Alaska LNG Phase 1 project, supporting financing.
Pantheon expects the drilling results to provide significant news in the coming months, with the possibility of upgrading resource estimates.
The pre-drill outlook suggests the reservoir could be thicker than nearby wells, which would increase the area available for future drilling. The well will also test additional exploration targets not previously included in resource estimates.