Pantheon Resources shares sank on Tuesday after providing an update on its Dubhe-1 well in Alaska, reporting ongoing well clean-up operations amid spluttering production that remains largely dependent on stimulation fluids.

Pantheon Resources shares were down 20% at the time of writing.

Intermittent oil production commenced on 3 November, with consistent volumes beginning around 19 November. Perhaps the most disappointing aspect of the announcement is that the firm still hasn’t managed to measure the well’s oil flow rate.

Approximately 40% of injected water has been produced alongside steady gas and modest light oil output. The company expects oil flow rates to improve as clean-up continues, noting that its comparable Alkaid-2 well achieved measurable oil production after 50% of injected water was recovered.

“I continue to be pleased with the ongoing safe and efficient execution of our operations to date and look forward to sharing more about Dubhe-1 results when we have them,” said Max Easley, Chief Executive Officer.

Drilling and completion costs totaled approximately $33 million, exceeding the initial $25 million estimate.

The increase reflects the decision to drill a pilot hole for core sampling and to evaluate both the Slope Fan System and SMD-C reservoir targets. The company characterised the outcome as “solid operating performance” given the expanded appraisal scope and inflationary pressures.

The new Dubhe pad, available for future drilling operations, costs an additional $2.5 million.

The FTSE 100 managed to hold on Monday, sidestepping most of Asia’s weakness, as precious metals helped support the index.

Despite strong gains for miners such as Fresnillo, the FTSE 100 was trading marginally weaker at 9,710 at the time of writing as investors looked to Asia and risks to the recent optimism sparked by Fed rate cut hopes.

“The FTSE 100 dipped in early trading on Monday despite post-Thanksgiving gains for US markets last week,” said AJ Bell investment director Russ Mould.

“Further selling in cryptocurrencies reflected a risk-off mood as did some volatility in Asian markets – with Japan’s Nikkei 225 seeing material weakness.

“This followed a move higher for the yen, which affects the competitiveness of Japan’s export-heavy economy, on speculation the Bank of Japan might increase interest rates this month. US futures also pointed to a lower open on Wall Street later.

Miners were among the top risers after being buoyed by takeover interest in small-cap Solgold from China. Those with a gold weighting, such as Fresnillo and Endeavour, were the top risers in the sector.  

“A small cap miner seen as a potential takeover target for BHP is now in the sights of China’s largest integrated copper producer,” Coatsworth said.

“SolGold has rejected two approaches from its biggest shareholder Jiangxi Copper, the second pitched at 26p per share which values the UK-listed miner at £781 million.”

Investors will hope Chinese players have their eyes on other UK-listed miners that still trade at very attractive valuations.

BP and Shell were slightly higher as oil prices received a boost from news that OPEC+ would hold off on increasing production.

“Oil prices climbed nearly 2% this morning, with Brent closing in on its highest price in over a week, after OPEC+ reaffirmed plans to freeze production increases through the first quarter,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“The move comes as the group wrestles with uneven demand and looming oversupply risks, while traders weigh fresh geopolitical tension following US warnings over Venezuelan airspace. Still, upside looks limited with hopes for a Russia-Ukraine peace deal that could unlock sanctions and flood the market with additional supply.”

Ukraine peace deal hopes were also evident in defence stocks Babcock and BAE Systems, which were among the top fallers.

Melrose was the FTSE 100’s top faller after its CFO announced they would step down. Melrose was down 5% at the time of writing.

Tekcapital portfolio company Innovative Eyewear has announced a fresh distribution deal with a major player in eyewear as the company ramps up its sales and marketing network.

Innovative Eyewear has secured a retail partnership with SmartBuyGlasses to distribute its Reebok-branded smart eyewear globally.

The collaboration will see SmartBuyGlasses, one of the world’s largest independent designer eyewear retailers, offer Innovative Eyewear’s smart glasses with prescription options and international shipping. The partnership enables customers across SmartBuyGlasses’ network of localised websites to purchase the frames with custom lenses.

SmartBuyGlasses operates in more than 30 countries across Asia Pacific, Europe, Africa and the Americas. With over 15 years in the industry, the e-retailer offers an extensive range of eyeglasses, sunglasses and contact lenses.

“Going live with Reebok® Smart Eyewear on SmartBuyGlasses meaningfully expands our global reach, while keeping the customer experience familiar: great-looking eyewear that happens to be smart,” said Harrison Gross, CEO of Innovative Eyewear.

“There is a natural alignment of smart eyewear with ecommerce – both bring transformative approaches to user needs and experiences. For the optical customer I see a fantastic synergy between our products and SmartBuyGlasses’ mission to make the eyewear buying experience more accessible and affordable. We look forward to partnering with them to bring an exciting new generation of smart frames to their customers worldwide.”