UK-based explorer Pantheon Resources is moving forward with its Alaska drilling campaign despite recent setbacks at its Megrez-1 exploration well. In May, the company reported that Megrez-1 produced over 2,000 barrels per day of liquids—but no meaningful oil or gas. The well was suspended, and shares dropped to 20.65 UK pence.

Now, Pantheon is refocusing its efforts on the Dubhe-1 appraisal well, targeting the Ahpun Topset horizon, a reservoir with 282 million barrels of liquids and 804 Bcf of gas, according to a June 2024 report by Cawley Gillespie & Associates.

The Nabors 105AC rig is currently mobilizing to the site. In addition to the primary Ahpun Topset target, Dubhe-1 will test three additional zones and may undergo a lateral completion and long-term flow test to confirm oil deliverability and gas quality.

Pantheon says oil remains the key value driver, while associated gas could support financing through Alaska LNG Phase 1.

Investors are watching closely—Dubhe-1 could determine whether Pantheon can bounce back from Megrez-1 and unlock the commercial potential of its Alaskan acreage.