Pantheon Resources CEO Max Easley and Chairman David Hobbs joined Steve Darling from Proactive to provide a detailed operational update on the company’s flagship Dubhe-1 well, outlining steady progress in well clean-up operations and encouraging early flowback performance in Alaska.
Hobbs said the well is tracking firmly “within the envelope of expectation,” emphasizing that while it is still too early to draw definitive conclusions, operations to date have progressed smoothly and in line with technical forecasts. He stressed that further data will be required before firm performance metrics can be established, adding, “The well will speak,” underscoring the importance of patience as the reservoir continues to stabilize and respond. Additional operational updates are expected over the coming weeks as more flowback data is collected.
Easley provided further insight into the early production phase, explaining that visible flaring began shortly after oil started flowing, with motorists along the Dalton Highway quickly noticing the flare. He confirmed that the flare has been continuous since flow commenced, indicating sustained production activity. Easley reiterated that the current phase is focused on well stabilization rather than peak output, with oil volumes gradually increasing in a manner consistent with expectations at this early stage.
The company also revised its cost guidance for the Dubhe-1 well from the previously estimated $25 million to approximately $33 million. Easley explained that the increase was largely driven by additional appraisal-related initiatives undertaken during the program, including the drilling of a pilot hole to help confirm the scale of newly identified resources. This additional work is estimated to have contributed approximately 200 million barrels to Pantheon’s total resource base.
Easley also highlighted the operational efficiency achieved by the drilling and completion team, noting that completion activities were executed in just seven days — a significant improvement compared to the 28 days required for similar operations in earlier projects. This reduction reflects advancements in planning, execution, and technical performance.
Looking ahead, Hobbs said the company expects to reach approximately 50% flowback within the next two to three weeks, which will provide more meaningful insight into the well’s production behavior. Both Easley and Hobbs expressed confidence in the asset’s potential based on results observed so far and reiterated that the Dubhe-1 well remains a key catalyst in Pantheon Resources’ broader Alaskan development strategy.
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