Pantheon Resources announces disappointing flow test results at Megrez-1

On April 14, 2025, Pantheon Resources plc, an oil and gas company focused on developing assets in Alaska, announced preliminary results from the flow testing of the Megrez-1 well. The company had undertaken this testing program with the objective of assessing various intervals within the well. The initial testing of the first and deepest interval, the TS1 interval, lasted for 12 days but yielded no appreciable hydrocarbons, raising concerns about the reservoir's productivity. A major finding indicated that, although the reservoir is oil-bearing, it appears to exist within a transition zone lacking in mobile oil and gas, a factor that could impact future production efforts significantly. Pantheon has prioritized gathering quality data over maximizing initial flow rates to ensure an optimized understanding of the reservoirs for future appraisal and development. This data is crucial as it suggests higher amounts of mobile oil may exist in shallower stratigraphic sequences—horizons that have yet to be tested. The CEO of Pantheon Resources, Max Easley, acknowledged the disappointment expressed at the lack of hydrocarbons from the first interval but emphasized that the obtained data increases confidence regarding the productivity of the shallower intervals yet to be explored. The company remains optimistic about the next steps, as operations for flow testing the Lower Prince Creek formation will commence soon, with results due to be reported following the completion of testing. The overall plan includes testing five shallower intervals that present a more promising hydrocarbon potential. The firm noted that robust log analyses suggest the possibility of higher saturations and mobile oil in these shallower horizons. The proximity of Pantheon’s oil fields to existing pipelines and infrastructure, which facilitates cost-effective development, underlines the strategic advantage for this company moving forward in its operations. The results from the ongoing flow test program will be pivotal in shaping Pantheon's future exploration and extraction strategies within these Alaska-based oil and gas prospects.