18th Aug 2022 11:15
(Alliance News) - Pantheon Resources PLC on Thursday said it is preparing for stimulation and flow testing at one of its wells and is applying to trade on a platform in the US.
Drilling operations at its Alkaid #2 on the well on the Alaska North Slope have concluded at a total measured depth of 14,300 feet, the London-based oil and gas company focused on Alaska said.
The firm flagged it is experiencing "significant inflationary cost and supply chain pressures at present" but added it "is extremely pleased that drilling of the lateral section was accomplished smoothly and without incident."
Pantheon will assess the flow test and other well data "before making a final decision on the winter 2022/23 operations programme".
Meanwhile, the company is applying to trade on the OTC Market's OTCQX trading platform in the US. It will not seek a fundraise in conjunction with the process, it said.
Pantheon shares were 5.8% higher at 134.60 pence each in London on Thursday morning.
By Tom Budszus; [email protected]
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