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Highlights

  • Dubhe-1 confirmed a 565 ft true vertical thickness hydrocarbon column in the SMD-B horizon, exceeding pre-drill expectations by 26%.

  • Additional hydrocarbon zones were identified in SMD-C and two Slope Fan horizons, representing upside beyond prior contingent resource estimates.

  • A lateral sidetrack is planned in the SMD-B horizon, with flow testing to refine production modelling.

Pantheon Resources plc (AIM:PANR, OTCQX:PTHRF) has announced the results from its Dubhe-1 appraisal well, located on the Alaska North Slope. The well was drilled to appraise the SMD-B topset horizon and to test further exploration targets including Prince Creek, SMD-C and the Slope Fan System. Logs confirm hydrocarbon presence in multiple horizons, adding prospective resource upside to the Company’s portfolio.

Dubhe-1 Drilling Results

The Dubhe-1 pilot hole reached a total measured depth of 12,833 ft, equivalent to 8,699 ft true vertical depth. Drilling, logging and coring objectives were achieved, including penetrations of both the primary and exploration horizons. The well confirmed a gross hydrocarbon column of 565 ft true vertical thickness in the SMD-B target, exceeding the pre-drill expectation of 450 ft by 26%. The gross thickness also surpasses the upper end of the pre-drill range of 500 ft by 13%. Reservoir properties are consistent with those of the nearby Pipeline State #1 discovery well.

Additional hydrocarbons were identified in two exploration targets: the SMD-C horizon and two Slope Fans. These intervals were not included in previous contingent resource estimates prepared by Cawley Gillespie & Associates for the Ahpun project, which detailed 282 million barrels of oil and 804 billion cubic feet of gas. The newly confirmed intervals therefore represent potential co-development opportunities with the existing SMD-B resource.

Appraisal Analysis and Core Data

Preliminary analysis indicates that Dubhe-1 intersected hydrocarbon-bearing horizons across approximately 2,143 ft measured depth (1,085 ft TVT). This section includes multiple reservoirs of interbedded sands and shales. All intervals were logged with a full suite of Logging While Drilling tools and samples were analysed with the Volatiles Analysis Service. A 90 ft core with full recovery was taken within the SMD-B interval, and additional sidewall cores were gathered for log calibration.

Hydrocarbons were also identified in the Maastrichtian interval, including the Prince Creek and Upper Schrader Bluff Topsets 1 and 3. These horizons showed a gross thickness of 1,158 ft TVT, similar to results from the previously drilled Megrez-1 well. Data from Dubhe-1 and Megrez-1 will be integrated for technical evaluation and potential inclusion in future development planning.

Forward Plans

Pantheon Resources will now finalise the placement of a lateral sidetrack in the SMD-B interval to optimise production design. Drilling of this lateral is expected to begin in the coming days, followed by flow testing. The Company is also reviewing hydraulic stimulation plans and has commenced tendering for service providers, with decisions anticipated in the next two months.

The data collected from Dubhe-1, combined with previous well information, will be incorporated into Pantheon’s dynamic reservoir model. This will assist in designing permanent production facilities as the Company advances towards development of the Ahpun field. Pantheon has scheduled a webinar for 9 September 2025 to present results from Dubhe-1 and share early insights into the prospective resources encountered in SMD-C and the Slope Fans.