Pantheon Resources reports significant resource upgrade potential following Megrez-1 Well analysis

Proactive - Interviews for investors

Pantheon Resources CEO Jay Cheatham and Technical Director Bob Rosenthal joined Steve Darling from Proactive to shared promising updates from the Megrez-1 well during an interview with Proactive, revealing preliminary findings that suggest a significant upgrade in resource estimates for Ahpun's Eastern Topset. The results, which include detailed analysis of logs, cores, and cuttings, indicate that the Megrez structure has exceeded pre-drill expectations and holds considerable additional potential. According to the company, the Megrez structure has trapped a larger hydrocarbon pool than originally anticipated. This discovery is further bolstered by the identification of additional prospective zones in the Lower Sagavanirktok Formation, located above the Prince Creek Formation. These zones were not included in earlier evaluations, providing an unexpected opportunity for resource expansion and further boosting the well's significance. For the previously identified oil horizons, which include the Upper Schrader Bluff and the Upper and Lower Prince Creek formations, Pantheon Resources estimates a potential 15% to 50% upgrade in resource volumes compared to the pre-drill figure of 609 million barrels. Additionally, the logs and cuttings from the Megrez-1 well have revealed three new potential oil-bearing zones within the Lower Sagavanirktok Formation. These zones exhibit excellent porosity and permeability, suggesting significant further resource upside and confirming the well’s strategic value. Cheatham emphasized that three additional flow tests are planned to validate the potential of these newly identified zones. These tests will be conducted before suspending the well, which is being considered for future use as a producer or injector. The preliminary analysis also indicates that the hydrocarbon liquid column intersected by Megrez-1 is more extensive than originally estimated, further underscoring the well’s importance in Pantheon’s exploration efforts. The Megrez-1 findings could represent a major milestone for Pantheon Resources, with the anticipated resource upgrades and additional zones contributing to the company’s long-term strategy and potential production capabilities. Further analysis and testing are expected to provide greater clarity on the full extent of this discovery’s impact. #proactiveinvestors #pantheonresourcesplc #mining #lse #panr #pthrf #OilExploration #Megrez1 #AlaskaOil #EnergyNews #JayCheatham #OilReserves #ResourceUpgrade #OilIndustry #GeologyExploration