Pantheon Resources Reports Initial Megrez-1 Well Test Results

Pantheon Resources ( (GB:PANR) ) just unveiled an update.

Pantheon Resources announced preliminary results from the flow testing of the first of six intervals at the Megrez-1 well, revealing that while the TS1 reservoir interval showed strong liquid rates, no significant hydrocarbons were produced. The data suggests the presence of a transition zone with limited mobile oil and gas, but increases confidence in the productivity of shallower intervals. The company plans to proceed with testing the next interval, the Lower Prince Creek formation, to further assess the hydrocarbon potential and optimize future development. This testing is crucial for Pantheon’s strategy to enhance its resource inventory and support its long-term development goals.

Spark’s Take on GB:PANR Stock

According to Spark, TipRanks’ AI Analyst, GB:PANR is a Neutral.

Pantheon Resources exhibits revenue growth but struggles with profitability and cash flow, impacting its financial performance score. Positive technical indicators and corporate events suggest potential for improvement, but current valuation remains a concern due to negative earnings.

To see Spark’s full report on GB:PANR stock, click here.

More about Pantheon Resources

Pantheon Resources plc is an AIM-listed oil and gas company focused on developing its 100% owned Ahpun and Kodiak fields located on the North Slope of Alaska, USA. The company holds a significant resource base with independently certified estimates of 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas. Pantheon aims to achieve sustainable market recognition of its resources’ value by 2028, leveraging its strategic location near existing infrastructure to reduce development timeframes and costs.

YTD Price Performance: 73.71%

Average Trading Volume: 7,404,607

Technical Sentiment Signal: Strong Sell

Current Market Cap: £596.6M

Find detailed analytics on PANR stock on TipRanks’ Stock Analysis page.