Pantheon Resources to test North slope well

• The well intersected multiple zones
• Flow testing of the shallowest zones will start before the end of March
• Expected flow rates are 200-2,000 b/d for any specific zone

Pantheon Resources plc will test multiple zones of the Megrez-1 well on Alaska's North Slope before the end of March 2025.

The well was directionally drilled from the western side of the Dalton Highway on about a 45° angle. It pierced multiple horizons, and data from logs, cores, cuttings and seismic indicate seven discrete interpreted pay zones. 

Integration of Megrez-1 drilling data is sufficiently complete to begin well operations. Completion and flow testing programs will cover more than six horizons beginning with Topset 1 of the Upper Schrader Bluff and working up the well to Lower Sagavanirktok zone 3, the shallowest interpreted pay zone. Flow tests will prioritize data quality rather than maximize initial flow rates increase understanding of the reservoirs and optimize future appraisal and development. 

Detailed core analysis indicates average reservoir qualities in the deepest horizons more aligned with the Ahpun West topsets (1 md or less) while the permeabilities improve significantly in the shallower Prince Creek and Lower Sagavanirktok formations, even exceeding a Darcy in the shallowest horizons.

Flow testing operations will occur over the shallower six horizons, commencing with Topset 1. Topset 3 is both the deepest horizon and the smallest of the horizons volumetrically and flow testing from a single stage treatment in this wellbore would provide little additional data at this location. Full cores were acquired over this horizon, and a long lateral multi-stage completion in that horizon during future drilling represents a more cost-effective means to acquire useful data. 

The full testing program will require up to four months. The tests of the deeper horizons will utilize hydraulic stimulation. Analyses of analogous offsets indicate potential flow rates of 200-2,000 b/d for any specific zone. Aggregate flow from all zone tests should be comparable to reported rates from other wells targeting the Brookian formations on the North Slope, the company said.

Pantheon said successful flow from the shallower horizons where the reservoir quality is superior would lead to a development plan with shared infrastructure already constructed for the Ahpun West development. Future development of the deepest horizons, where the reservoir is of lesser quality, will be through long laterals with multi-stage completions.

Pantheon Resources has 100% working interest in Kodiak and Ahpun projects in a contiguous block of about 258,000 acres south of Prudhoe Bay and Kuparuk oil fields.