- Pantheon Resources plc (PANR, PTHRF) begins drilling at Dubhe-1 well in Alaska's North Slope.
- The primary target, SMD-B, holds an estimated 282 million barrels of crude and 804 billion cubic feet of gas.
- Results from Dubhe-1 will guide future development of the Ahpun field.
Pantheon Resources plc, trading under the tickers AIM:PANR and OTCQX:PTHRF, has commenced drilling at the Dubhe-1 well in the Ahpun field located on Alaska's North Slope. The well aims to appraise the SMD-B horizon as its primary target, a proven resource with a significantly reduced risk profile.
An Independent Expert Report by Cawley Gillespie & Associates from June 2024 estimates that the SMD-B horizon contains a 2C Contingent Resource of 282 million barrels of ANS crude oil, condensate, and NGLs, alongside 804 billion cubic feet of natural gas. Based on then-prevailing oil prices of $80 per barrel delivered to the US West Coast, the net present value of these resources is approximated at $1.74 billion using a 10% real discount rate.
The Dubhe-1 project has begun with the use of the Nabors 105AC rig for drilling operations. The construction of a gravel pad adjacent to the Dalton Highway was completed in June 2025, allowing year-round operations. Initial results will become available once the drilling operations conclude, providing crucial insights into the Ahpun field's potential development and its contribution to the proposed Alaska LNG pipeline project.
Pantheon Resources CEO Max Easley expressed optimism about the project: "Assuming initial appraisal success at Dubhe-1, it will enable us to move forward into a test phase, aiming to establish a production type curve. This would support the Ahpun full field development and the proposed long-term gas supply contract for the Alaska natural gas pipeline (Alaska LNG - Phase 1)." The update highlights the company's strategic approach to leveraging its resource base for long-term growth and stability.
