We took advantage of the brief pause while rigging up and testing the blow out preventer after setting surface casing at around 3,500 ft (in line with the well design).
Megrez-1 is targeting the very large Ahpun Eastern Topset play which Pantheon estimates to contain a 2U Prospective Resource of 609 million bbls of ANS crude and 3.3 Tcf of natural gas. We are now back to drilling and look forward to sharing well results when we reach TD.
Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska’s North Slope, announces the spudding of the Megrez-1 well to explore the eastern topsets in the Ahpun field, immediately adjacent to pipeline and road infrastructure.
David Hobbs, Executive Chairman of Pantheon Resources, said: “A success at Megrez-1 will expand the understanding of Ahpun oil and gas accumulations and dramatically impact the economics of the Ahpun full field development. There are few, if any, onshore wells targeting what we estimate to be more than 1 billion boe (barrels of oil equivalent) of 2U Prospective Resource anywhere in the world during this year. We believe the target reservoir sections should exhibit at least an order of magnitude better permeability than Ahpun’s western topsets which were logged and cored in the Pipeline State-1 well on Pantheon’s acreage. In a success case, the 609 million barrels of ANS crude immediately adjacent to the Trans-Alaska Pipeline would yield a very high NPV/barrel and the 3.3 Tcf would significantly enhance Pantheon’s gas resource base into its proposed gas project with Alaska Gasline Development Corporation.
“While the outcome of the Megrez-1 well will not impact our already certified 1.6 billion barrels of contingent resources, success here would be material to our Ahpun development plans for both ANS crude and gas. I look forward to reporting on progress once drilling is complete.“
