Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) said it has demobilised the rig used for drilling Alkaid #2 and perforated, stimulated and plugged off the well in sections prior to the commencement of flow testing, anticipated in early October.
Alkaid-2 was Pantheon’s first horizontal well on the Alaska North Slope and drilled down to a depth of 5,300ft.
Production facilities, which are currently en route to the North Slope, have also been upgraded, said the statement, with the increased capacity of these modular facilities capable of handling the output from multiple wells.
Jay Cheatham, Pantheon’s CEO, added: "Activities at Alkaid #2 are on schedule and we look forward to flow testing operations commencing.
“Upgrading our facilities to a larger capacity was a sensible decision, giving the company the flexibility and freedom to bring multiple wells into production at the Alkaid #2 location in due course."
Pantheon added it expects its application for its shares to trade on the OTC Market's OTCQX trading platform, the top tier of the three marketplaces for the OTC trading of stocks in the United States, to be complete within a few days.
Admission to the OTCQX will allow US investors greater ability to access the ordinary shares in US dollars and during US market hours, the statement said.
"I'm also pleased that the OTCQX admission is nearly upon us, allowing US investors far greater simplicity to buy and sell our stock coming into this exciting time in our life cycle," said Cheatham.