Pantheon Resources strikes oil on Alaska's North Slope

Oil and gas explorer Pantheon Resources has confirmed an oil discovery at its Alkaid well on Alaska's North Slope.

Pantheon revealed that its Brookian ZOI horizon, the first of three targeted, had struck oil on Monday, with early flow testing exceeding expectations.

The AIM-listed group intercepted a six-foot interval, testing at 80-100 barrels of oil per day, which Pantheon described as an "excellent result" which could suggest significantly higher flow rates upon further development of the wells.

Pantheon told investors it was "very optimistic" that Brookian ZOI, which has an estimated gross pay 400 feet, would benefit its "entire prospect inventory" in both Alaska and in East Texas.

Chief executive Jay Cheatham said: "This is an excellent result which exceeded our expectations.

"This result is significant not only for its potential economic impact but also because it validates the outstanding quality of the geological and high-tech geophysical work undertaken by the Great Bear team."

As of 1230 GMT, Pantheon shares had soared 31.96% to 22.75p.