Pantheon Resources Chairman David Hobbs and CEO Max Easley joined Steve Darling from Proactive to share preliminary flow test results from the Megrez-1 well in Alaska. The well is part of a six-interval testing program, and the first interval tested, the Topset 1 (TS1) reservoir, was fracture stimulated across 290 feet between 7,165 and 7,453 feet measured depth (MD).
The well produced sustained strong liquid rates for 12 days, exceeding 1,000 barrels per day by the end of the flow-back period. However, no appreciable hydrocarbons were recovered during this initial test. Despite this, Easley noted the data reveals the TS1 reservoir is oil bearing but likely located within a transition zone that contains limited to no mobile oil or gas.
Importantly, the technical data gathered from this interval has boosted the company's confidence in the five remaining, shallower intervals still to be tested. These higher zones are believed to hold greater potential for mobile hydrocarbons and increased productivity.
TS1 will now be abandoned, and preparations are underway to begin testing the Lower Prince Creek interval. High-pressure pumping equipment is currently being mobilized to the Megrez pad.
While the initial result may seem underwhelming at first glance, Pantheon emphasized that it strengthens their geological model and supports the likelihood of commercial success in the intervals yet to be tested.
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