Pantheon Resources Reports Progress on Megrez-1 Testing and Future Plans

Pantheon Resources ( (GB:PANR) ) has provided an update.

Pantheon Resources announced further results from the Megrez-1 flow testing program, revealing that initial tests in the Lower Prince Creek formation showed water-dominated production, leading to a decision to defer hydraulic fracture stimulation until further analysis is completed. The company plans to test the shallower Lower Sagavanirktok 3 horizon next, which has higher porosity and permeability, to assess the potential for commercial oil production. Despite the challenges faced in the Megrez-1 tests, Pantheon remains committed to its development plans for the Ahpun field and the upcoming Dubhe-1 commercial demonstration well, with operations scheduled for summer 2025.

The most recent analyst rating on (GB:PANR) stock is a Buy with a £90.00 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Spark’s Take on GB:PANR Stock

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

Pantheon Resources faces significant profitability and cash flow challenges, reflected in a low financial performance score. The technical indicators show a bearish trend. However, strategic corporate events, such as leadership changes and successful financing, provide some optimism about future prospects. The valuation remains a concern with a negative P/E ratio and no dividend yield.

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

More about Pantheon Resources

Pantheon Resources plc is an oil and gas company focused on developing the Kodiak and Ahpun oil fields located on Alaska’s North Slope, near existing pipeline and transportation infrastructure.

Average Trading Volume: 7,440,574

Technical Sentiment Signal: Buy

Current Market Cap: £484.6M

For an in-depth examination of PANR stock, go to TipRanks’ Stock Analysis page.