Pantheon Resources, an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, today announces preliminary results from the flow testing of the first of six intervals in the planned Megrez-1 well testing programme.

Key Highlights

• The well was fracture stimulated in the Topset 1 ("TS1") reservoir interval over some 290 feet ("ft") from 7165 ft to 7453 ft MD.
• The well was produced for 12 days delivering sustained strong liquid rates, exceeding 1,000 barrels per day at the end of the flow back period, no appreciable hydrocarbons were produced from the well.            
• Preliminary analysis indicates that although the reservoir is oil bearing, it appears to be in a transition zone with limited to no mobile oil and gas. 
• The technical data gathered increases confidence in the productivity and hydrocarbon potential of the intervals higher in the wellbore and indicates mobile oil will be found in the shallower stratigraphic sequences.
• TS1 will be abandoned and well operations to test the next interval (Lower Prince Creek) will commence as soon as high-pressure pumping equipment is mobilised to the Megrez pad.

Results of Flow Test Programme

The TS1 interval was fracture stimulated in two stages to maximise the productivity potential of the well. These stimulations were successfully executed, and the well was brought on production on 3 April 2025. The well initially produced strongly against a 30/64 inch choke and the well was gradually increased to a final rate of over 1,000 barrels per day.  During the 12 day testing programme, the well sustained high fluid rates with no indications of decline. However, no appreciable oil or gas was recorded at surface. Preliminary analysis, incorporating the salinity of the produced water, indicates that the logged and cored hydrocarbon saturations in this interval are consistent with a transition zone where residual oil saturations were insufficient to sustain flow to surface. However, the data gathered increases the robustness of the log analyses that indicate higher saturations and mobile oil will be found in the shallower stratigraphic sequences.

The plan remains to progress systematically up the well to the shallowest interpreted pay zone, the Lower Sagavanirktok zone 3. The objective remains to prioritise data quality rather than seeking to maximise initial flow rates to increase the understanding of the reservoirs and thus optimise future appraisal and development. Operations on the next interval, the Lower Prince Creek formation, will commence shortly with results reported once flow testing is complete.

Max Easley, Chief Executive Officer of Pantheon Resources, added: 
"Whilst at face value it appears disappointing that the first and deepest interval did not produce material hydrocarbons, when you take a closer look, the data we gathered leaves us with increased confidence in the five shallower and more productive horizons that remain to be tested. We are confident that these further five zones will, in aggregate, add high quality inventory to our already significant 1.6 billion barrels of certified resources in Ahpun and Kodiak. We look forward to sharing the next set of results as they become available."

KeyFacts Energy: Pantheon US Alaska profile