Pantheon Resources (LON:PANR) – Dubhe-1 appraisal well shows positive

Mark Watson-Mitchell
Aug 19
3 min read

19.08.2025

Yesterday morning this £384m-capitalised oil and gas company, which is developing the Kodiak and Ahpun oil fields near pipeline and transportation infrastructure on Alaska's North Slope, announced results from its Dubhe-1 appraisal well.

In response to the good news the group’s shares perked up nearly 18% to around the 31.60p level.

‘Better than expected’ was the general reaction, with the shares hitting 33.15p at one stage.

The Dubhe-1 pilot hole was successfully drilled, logged and cored to a total measured depth of 12,833 ft, equivalent to 8,699 ft true vertical depth.

The subsequent analysis of the thickness and quality of the primary target topset confirmed that it had exceeded the upside pre-drill expectations.

Chief Development Officer Erich Krumanocker stated that:

"We are delighted to announce the Dubhe-1 pilot hole results as a success.

The well confirms the presence and quality of the oil and gas reservoirs in the Ahpun field, exceeding our pre-drill expectations.

We are now transitioning toward field development planning in support of capital efficient commercial production.

The upside presented by the SMD-C and Slope Fan zones highlights the enormous potential in our portfolio."

Analyst Daniel Slater, at Zeus Capital, is very positive about this group and has a 69p per share total risked NAV on its shares.

He states that:

“Overall this is a good start to Pantheon’s Dubhe-1 well.

The well has found a larger than expected oil column in the primary SMD-B target, which should help with upcoming execution of the horizontal section, and may have positive implications for the existing 358mmboe resource longer term.

Finding hydrocarbons in other secondary targets is also a positive, both for future resource numbers and the long-term potential of the company’s Alaska assets.

We await further news from Dubhe-1 as the horizontal section is drilled and fracked, and flow testing is carried out.”

Brendan Long, now an analyst at Oak Securities, and a long-time fan of the company, rates PANR as a ‘High-Conviction Buy’, with a 51.3p risked Target Price.

He reckons that:

“We believe that Pantheon Resources is by far the most exciting energy company listed in Europe on the basis of the scale of its 2C resources as determined by third-party evaluators amounting to 1.6 billion barrels of best estimate recoverable liquids (100% held), its proximity to Alaska’s primary oil pipeline and the robust support from President Trump’s

Administration to develop the fossil fuel resources of the State of Alaska.”

Over at Canaccord Genuity Capital Markets, its analysts Charlie Sharp and Phil Hallam, have a Speculative Buy out on the group’s shares, with a Target Price of 70p.

Now that the appraisal well has confirmed hydrocarbons, they state that horizontal drilling is next.

“This is a good start ahead of anticipated all-important testing which, if successful, would be a step towards determining a production 'type curve' so underpinning the potential commerciality of the proposed Ahpun field development.

While this deviated well drilling results are encouraging, they are not too surprising considering the proximity of Pipeline State #1 discovery well.

The critical parts of the well operations are to come; the horizontal well-bore, and long-term testing which will determine flow rates and hydrocarbon mix.”

The analysts are looking forward to further near-term and potentially high-impact news flow.

So am I – this really has some massive upside, which is only now beginning to be identified by investors.