Pantheon Resources has increased the scale of the Ahpun 2C recoverable liquids resource estimate to reflect positive logging results from Dubhe-1 well. The company also announced that it has successfully completed drilling a onemile horizontal lateral at the Dubhe-1 well, 30% longer than the upper end of the range initially provided. We conservatively increase our fair value estimate to 57.4p (+12%, from 51.3p), leaving scope for the bulk of the latent value related to today’s news to be unlocked by forthcoming catalysts