Pantheon preparing to start stimulation, testing at Dubhe-1

(Sharecast News) - Pantheon Resources said on Thursday that it was preparing to begin hydraulic fracture stimulation and production testing at its Dubhe-1 well on Alaska's North Slope, marking the next stage of appraisal work on its Ahpun project.

The AIM-traded company said equipment was being mobilised to the Dubhe pad from sites in Alaska and Canada, with the stimulation scheduled to start around the week of 29 September and expected to take about two weeks.

Production testing would follow using a temporary production system.

Pantheon noted that Dubhe-1's horizontal lateral was drilled to a measured depth of 15,800 feet, including about 5,200 feet entirely within the targeted SMD-B reservoir, exceeding its pre-drill length target of 3,000 to 4,000 feet.

Production casing had been installed and cemented throughout the lateral and back to surface.

The completion would use a plug-and-perforate hydraulic fracturing approach led by Element Technical Services, which Pantheon said was selected for its experience in remote and cold weather operations.

After stimulation, plugs would be drilled out and production tubing installed before flow testing begins.

The company said it expected an initial cleanup phase of up to 10 days producing mostly injected water before any sustainable hydrocarbon volumes can be observed, and planned to run an extended flow test to gather data for future development decisions.

"The team has done an excellent job drilling, and most recently, setting casing in this key well appraising our primary Ahpun reservoir - the SMD-B," said Erich Krumanocker, Pantheon's chief development officer.

"We are very excited to be moving ahead with the completion and subsequent flow testing in the coming weeks.

"We have assembled a great team of suppliers with extensive experience and are looking forward to the results."

At 1353 BST, shares in Pantheon Resources were up 1.64% at 25.46p.

Reporting by Josh White for Sharecast.com.