Pantheon Resources announced yesterday the successful completion of a 25-stage frac operation at the Dubhe-1 well. In our opinion, the successful result derisks the most challenging operational aspect of the well and sets the scene for the forthcoming production test. We expect investors will now focus attention on the forthcoming production test intended to definitively establish the commerciality of the Ahpun SMD-B resource (322 million barrels of 2C recoverable liquids resources; 123.7p of full unrisked value to be unlocked under a success-case based on Oak Securities’ NPV10 estimates).