LONDON (ShareCast) - (Sharecast News) - Pantheon Resources announced on Wednesday that it anticipates a significant upgrade in resource estimates for the Ahpun oil field's Eastern Topset following analysis of log, core, and cuttings data from the Megrez-1 well.
The AIM-traded company presented the findings at the Sequire Investor Summit, highlighting positive developments that could enhance the project's scale and commercial viability.

Preliminary volumetric analysis for the Upper Schrader Bluff and Upper and Lower Prince Creek formations suggested a potential increase in resource estimates of between 15% and 50% compared to the pre-drill estimate of 609 million barrels.

The company said it was planning to undertake four initial flow tests, each lasting 10 days, starting in the first quarter of 2025.

A successful outcome could lead to the reclassification of these resources to contingent resources (2C), representing a step towards commercial development.

In addition to the originally identified horizons, analysis of the Lower Sagavanirktok Formation revealed three additional potential oil-bearing zones with promising porosity and permeability characteristics.

The findings indicated the potential for further resource upside.

Pantheon said it expected to conduct three additional flow tests in the zones following further logging and analysis before suspending the well for potential future production or injection.

Further evaluation of data using advanced analysis techniques provided by AHS Baker Hughes' Volatiles Analysis Service (VAS) confirmed the presence of oil throughout a hydrocarbon column measuring 2,425 feet in vertical thickness, larger than previously identified.

The results also indicated the presence of associated natural gas alongside the liquid hydrocarbons.

"The preliminary assessment of the Megrez-1 well results already far exceeds pre-drill estimates," said the company's technical director, Bob Rosenthal.

"The Megrez structure appears to have trapped a larger pool than we expected.

"The additional prospective zones in the Lower Sagavanirktok Formation, identified above the Prince Creek Formation, provide further upside that we had not previously considered."

Rosenthal said Pantheon would need to undertake "extensive further work" to map the extent and assess the best flow testing strategy.

"Megrez-1 is particularly exciting, especially considering its size and location - being virtually under the Trans Alaska Pipeline."

At 1300 GMT, shares in Pantheon Resources were up 28.83% at 50.5p.

Reporting by Josh White for Sharecast.com.

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