Clean-up underway at Dubhe-1 well, says Pantheon

(Sharecast News) - Pantheon Resources said on Wednesday that clean-up operations were under way at its Dubhe-1 well in Alaska, with the process still at an early stage following completion of stimulation work. The AIM-treaded oil and gas company said the well's initial production remained dominated by previously injected stimulation fluids, as expected at this stage.

Around 20% of the injected water had so far been recovered, with steady gas production and intermittent flows of light oil observed.

Pantheon said it expected that the well wou;d continue to clean up over the coming weeks before a representative production rate can be determined.

"With the successful completion of the Dubhe-1 stimulation and ongoing well clean-up operations, we are entering an important phase in demonstrating the commercial potential of Ahpun," said chief executive Max Easley.

"I welcome the opportunity to share our industry insights with the broader Alaska resource community, and we will be providing the market with separate updates in due course as we progress through the ongoing testing programme."

At 1411 GMT, shares in Pantheon Resources were down 7.94% at 23.24p.

Reporting by Josh White for Sharecast.com.