Pantheon reports progress with Dubhe-1 well clean-up
By Josh White
Date: Tuesday 02 Dec 2025
(Sharecast News) - Pantheon Resources said in an update on Tuesday that clean-up operations at its Dubhe-1 well on Alaska's North Slope were progressing, with initial oil and rising gas production recorded as the company worked toward establishing a representative flow rate.
The AIM-traded firm said intermittent oil production began on 3 November and small, consistent volumes had been observed since 19 November, while gas output had increased throughout the period.
Around 40% of the injected water used during stimulation had been recovered so far.
Pantheon noted that its closest analogue, the SMD-B interval in the Alkaid-2 well, did not register measurable oil production until roughly half of the injected water had been produced.
It warned that Dubhe-1's clean-up may follow a different pattern due to multiple fracture stages, which could see individual zones recover at different rates.
The company said it would continue the clean-up until a stable oil rate could be determined.
Pantheon also provided a cost update on the well.
It said it had expected to spend about $10m drilling Dubhe-1 with a 5,000-foot lateral and $15m on completion, in line with historical costs.
However, the final cost was $33m after the company opted to drill a pilot hole to collect core samples, refine the landing zone, and penetrate both the Slope Fan System and the shallower SMD-C reservoir.
The figure also reflected broader appraisal work, contingency measures following learnings from Alkaid-2, and inflationary pressures.
Construction of the new Dubhe pad added a further $2.5m, while clean-up and testing expenses would be determined once operations conclude.
Chief executive Max Easley said he was encouraged by progress.
"I continue to be pleased with the ongoing safe and efficient execution of our operations to date and look forward to sharing more about Dubhe-1 results when we have them," he said.
At 1203 GMT, shares in Pantheon Resources were down 22.77% at 19.54p.
Reporting by Josh White for Sharecast.com.
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