Pantheon Resources plc Multi-zone flow tests planned for Megrez-1

2025 March 03

Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) (“Pantheon” or the “Company”), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska’s North Slope, today announces further details of its planned flow testing programme for the Megrez-1 well.

Key Points

Data from logs, cores, cuttings and seismic indicate seven discrete interpreted pay zones, with flow testing of the shallowest six to commence before the end of March 2025
Analyses of analogous offsets indicate potential flow rates ranging from 200 barrels per day (“bpd”) to 2,000 bpd for any specific zone, depending on the encountered reservoir quality and fluid properties
Pantheon expects flow rates from the deepest horizon to be tested (Topset 1) at the lower-end of the range and flow rates in the shallower horizons at the top of the range
Reliable estimates of in-place and recoverable contingent resources require successful flow tests to confirm fluid compositions and reservoir properties, including API oil gravity, gas-oil ratio and in situ saturations among others. Previous guidance still stands for the Upper Schrader Bluff and Prince Creek potential
Flow data will be released at the conclusion of testing for each horizon