Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has provided an operational update on its Dubhe-1 well on Alaska’s North Slope, where it is still in the early clean-up stage.
The junior oil and gas firm said that 20% of injected stimulation fluids have been recovered so far.
Steady gas and intermittent light oil production have been observed, and a representative flow rate is expected in the coming weeks.
"With the successful completion of the Dubhe-1 stimulation and ongoing well clean-up operations, we are entering an important phase in demonstrating the commercial potential of Ahpun," chief executive Max Easley said in a statement.
The update comes ahead of Pantheon's participation at the 46th Annual Alaska Resources Conference, in which Max Easley will speak on the Oil and Gas Industry Update Panel on 13 November in Anchorage.
"I look forward to participating in the Alaska Resources Conference and engaging with industry participants as we advance development on the North Slope ...
"I welcome the opportunity to share our industry insights with the broader Alaska resource community, and we will be providing the market with separate updates in due course as we progress through the ongoing testing programme," Easley added.