- Pantheon Resources said further analysis of the Alkaid discovery located on the Alaska North Slope indicated that its reservoir quality was 'greatly superior' to pre-drill estimates.

Alkaid was announced as a discovery well following successful production testing operations in the primary zone of interest in the Brookian formation.

The wellbore had been successfully suspended and freeze protected for future production purposes, while data analysis was ongoing.

'The result has increased our confidence in the adjoining Phecda structure, as well as in the Talitha prospect,' Pantheon Resources said.

The Brookian zone was estimated to have 400 feet of gross pay and 240 feet of net pay, of which a 6 feet of interval was perforated and stimulated, flowing at over 100 barrels per day of light oil.

'Future development wells will be drilled horizontally and multi stage fracked, as is typical for the region and would be expected to result in significantly higher flow rates than that of a vertical test well,' the company said.

Pantheon Resources said it had engaged a third party expert consultancy to conduct petrophysical analysis.

The results were due over the forthcoming week and would provide key input into future development planning.

At 8:34am: [LON:PANR] Pantheon Resources PLC share price was +0.84p at 19.02p

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