Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it has successfully drilled the lateral section of the Dubhe-1 appraisal well in Alaska’s North Slope.
The well reached a total measured depth of 15,800 feet, with about 5,200 feet in the SMD-B reservoir, exceeding a pre-drill target of 3,000 to 4,000 feet.
"We are delighted to announce the Dubhe-1 horizontal lateral as a success, landing the well in the target reservoir and exceeding our expectations for the length," said chief development officer Erich Krumanocker.
"We are looking forward to progressing with the completion and subsequent flow testing of this well."
Additionally, Pantheon confirmed updated estimates for the Ahpun area, which now stands at 589 million barrels of marketable liquids, representing a 63% increase from previous assessments.
Agreements are in place with key suppliers for the hydraulic stimulation programme of the lateral section, as a precursor to planned flow testing, which will gather detailed key production data.