Pantheon Resources announces preliminary results from flow testing at Megrez 1

Pantheon Resources announced preliminary results from the flow testing of the first of six intervals in the planned Megrez-1 well testing program in the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska’s North Slope.

The TS1 interval was fracture stimulated in two stages to maximize the productivity potential of the well. These stimulations were successfully executed, and the well was brought on production on 3 April 2025. The well initially produced strongly against a 30/64″ choke and the well was gradually increased to a final rate of over 1,000 barrels per day.

During the 12 day testing program, the well sustained high fluid rates with no indications of decline. However, no appreciable oil or gas was recorded at surface. Preliminary analysis, incorporating the salinity of the produced water, indicates that the logged and cored hydrocarbon saturations in this interval are consistent with a transition zone where residual oil saturations were insufficient to sustain flow to surface. However, the data gathered increases the robustness of the log analyses that indicate higher saturations and mobile oil will be found in the shallower stratigraphic sequences.

The plan remains to progress systematically up the well to the shallowest interpreted pay zone, the Lower Sagavanirktok zone 3. The objective remains to prioritize data quality rather than seeking to maximize initial flow rates to increase the understanding of the reservoirs and thus optimize future appraisal and development. Operations on the next interval, the Lower Prince Creek formation, will commence shortly with results reported once flow testing is complete.