Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) has secured the Nabors 105AC rig to drill the Megrez-1 well in the fourth quarter of 2024.
Construction of a gravel pad along the west side of the Dalton Highway is set to begin in September, with the drill rig to be mobilized upon completion of these site works.
The Megrez-1 well, with an estimated 69% geological chance of success, will target the top set sands in the Ahpun East project area. Pantheon estimates this area contains 2U Prospective Resources of 609 million barrels of marketable liquids and 3.3 Tcf of natural gas.
Pantheon Resources paid the remaining portion of the fees for the 46 new oil and gas leases acquired in the State of Alaska’s 2023W Areawide oil and gas lease sale held in December 2023 as announced on 14 December 2023. Based on the official title work done by the State before awarding the leases, the 46 new leases consist of an aggregate of 65,691.5 acres, 30 of which are located on the western boundary of the Kodiak Field and 16 of which cover the Ahpun East top set play. The State of Alaska will execute and issue the leases in the next few weeks.
Jay Cheatham, Pantheon’s Chief Executive, commented: “With management’s best estimate for the eastern topsets in Ahpun at over 1 billion barrels of oil equivalent 2U Prospective Resource to be tested by the Megrez-1 well, located immediately adjacent to pipeline and road infrastructure and in reservoirs expected to be orders of magnitudes better than western topsets, we believe this to be one of the most impactful onshore exploration well being drilled anywhere in the world during 2024. Success here would further advance our Ahpun development models and plans.”
