Pantheon Resources declares Megrez-1 a discovery, plans long-term testing for 2025 [Video]

Pantheon Resources Executive Chairman David Hobbs joined Steve Darling from Proactive to announce that the Megrez-1 well in the Ahpun field has been confirmed as a discovery after reaching its Target Depth. The company has run 5 ½” production casing in preparation for long-term testing, scheduled to begin in early 2025.

Preliminary analysis indicates that Megrez-1 intersected multiple horizons containing light liquid hydrocarbons over 2,060 feet of measured depth. The well penetrated several reservoirs of Maastrichtian age, consisting of interbedded sands and shales. Notably, it encountered the Upper and Lower Prince Creek formations, interpreted to contain light liquid hydrocarbons over a gross vertical interval of 510 feet, from 5,440 to 5,950 feet.

In the coming months, Pantheon will analyze an extensive data set gathered from the well, including whole core samples, VAS cuttings analysis, logs, and sidewall cores. Preliminary results are expected by February 2025, providing insights into detailed reservoir characteristics and informing the design of the long-term production testing program.

The company plans to leverage the Nabors-105AC rig, currently stacked on the Megrez gravel pad adjacent to the Dalton Highway, to streamline operations once testing commences. This discovery marks a key step forward in unlocking the potential of the Ahpun field.

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