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Highlights
- Megrez-1 well hits a large light liquids hydrocarbon column in Ahpun field, Alaska.
- Operations completed on time and within budget, with comprehensive log and core data gathered.
- Long-term production testing is planned for early 2025.
Pantheon Resources plc (AIM: PANR, OTCQX: PTHRF), a leading oil and gas company focused on the development of its Kodiak and Ahpun oil fields in Alaska's North Slope, is pleased to announce a significant discovery from its Megrez-1 well in the eastern topsets of the Ahpun field. The well, which has reached Target Depth ("TD"), has encountered a large hydrocarbon column, and the Company has now installed 5 ½" production casing in preparation for long-term testing, scheduled to begin in early 2025.
Discovery Highlights
The Megrez-1 well has confirmed the presence of light liquid hydrocarbons in several reservoir intervals. Preliminary analysis based on logs and gas chromatography indicates a large hydrocarbon column, with multiple horizons containing light liquids over a measured depth ("MD") of 2,060 feet and a vertical depth ("TVD") of 1,260 feet. This is a major achievement for Pantheon, as it provides further validation of the Company's exploration strategy in the highly prospective Ahpun field.
Key findings from the Megrez-1 well include:
- Light Liquids Hydrocarbons: Multiple hydrocarbon-bearing zones have been identified, including two primary objective formations, Top Set 1 and Top Set 3, both interpreted as containing light liquid hydrocarbons. These intervals are located at depths of 5,950ft - 6,440ft TVD (7,140ft - 7,940ft MD) and 6,440ft - 6,700ft TVD (7,940ft - 8,360ft MD), respectively.
- Additional Hydrocarbon-bearing Zones: The well also encountered the Upper and Lower Prince Creek formations, a shallower section with light liquid hydrocarbons. These formations are situated over a 510ft gross vertical interval between 5,440ft and 5,950ft TVD (6,300ft - 7,140ft MD).
- Porosity and Permeability: Significant portions of the encountered reservoirs exhibited porosities above 20%, in line with pre-drill expectations. More detailed analyses of porosity and permeability will be performed once the whole core samples have been thoroughly evaluated.
- Core and Logging Data: Pantheon has successfully taken a 60ft whole core from 8,298ft to 9,358ft MD (6,665ft to 6,702ft TVD), with 100% recovery. In addition, 50 sidewall cores were taken across the three hydrocarbon-bearing intervals for further analysis.
Next Steps
The Company is now focused on analyzing the large data set gathered from the Megrez-1 well. This includes the whole core, sidewall cores, wireline logs, and Volatiles Analysis of cuttings. The preliminary results of these analyses are expected to be available in February 2025 and will help determine detailed reservoir characteristics. This critical data will inform the design of the extensive long-term production testing program.
Pantheon is well-positioned for future development, with the Nabors-105AC rig stacked on the Megrez gravel pad, located adjacent to the Dalton Highway, ready for deployment when the long-term testing phase begins.
Bob Rosenthal, Technical Director of Pantheon Resources, commented: "This is an excellent result, justifying our geological model and the likelihood of commercially viable resources in the Ahpun field. The team, led by Tony Beilman, has done a fantastic job in delivering this well on time and on budget, while gathering a comprehensive set of data to inform our future plans. We look forward to analyzing the results in greater detail and advancing the project toward commercial production."
