- Pantheon Resources (PTHRF, Financial) reports strong liquid flow rates from the Megrez-1 well despite no significant hydrocarbons.
- First interval, Topset 1 (TS1), produced over 1,000 barrels per day, indicating potential in shallower intervals.
- Company remains optimistic about the remaining untapped intervals at Megrez-1.
Pantheon Resources PLC (PTHRF) has released preliminary results of the flow testing from the Megrez-1 well, located in Alaska's North Slope. Testing of the first interval, known as Topset 1 (TS1), spanned 290 feet from 7,165 feet to 7,453 feet measured depth (MD). Over a 12-day test period, the well sustained strong fluid rates, exceeding 1,000 barrels per day.
Despite the robust fluid production, no significant hydrocarbons were recorded during the test. Preliminary analysis of the reservoir indicates it lies within a transitional zone, exhibiting limited or no mobile oil and gas. However, technical data gathered bolsters confidence that higher saturation and mobile oil will likely be encountered in the shallower stratigraphic sequences.
Following the inconclusive results from TS1, Pantheon has decided to abandon this interval and focus on testing the next target, the Lower Prince Creek formation. This decision aligns with their strategy to prioritize data quality over immediate hydrocarbon yields, enhancing the understanding of subsurface conditions for future development.
Pantheon holds a substantial certified resource base of 1.6 billion barrels in their Ahpun and Kodiak fields. With a focus on the remaining five shallower intervals, the company aims to maximize recoverable resources and capitalize on their strategic positioning near existing infrastructure in Alaska.
