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Pantheon Resources PLC (LSE:PANR) has secured the Nabors 105AC rig for drilling the Megrez-1 well, scheduled for Q4 2024. The company has previously used this rig in its drilling campaigns. The Megrez-1 well will target the Ahpun East topset play, with site preparations for a gravel pad along the Dalton Highway expected to start in September. Once site preparations are completed, the rig will be mobilized for drilling.
The Megrez-1 well is projected to have a 69% chance of geological success and aims to explore the Ahpun East area, where Pantheon estimates 609 million barrels of marketable liquids and 3.3 trillion cubic feet (Tcf) of natural gas in the 2U Prospective Resources. These topset sands are anticipated to be shallower compared to the previously drilled Ahpun western topsets.
Formal Award of Leases
Pantheon has finalized payment for 46 new oil and gas leases acquired during Alaska’s 2023W Areawide oil and gas lease sale in December 2023. The leases cover a total of 65,691.5 acres, including 30 acres adjacent to the Kodiak Field and 16 acres in the Ahpun East topset play. The State of Alaska is expected to issue these leases within the next few weeks.
Management Comments
Jay Cheatham, Chief Executive Officer of Pantheon Resources, stated: “With an estimated 1 billion barrels of oil equivalent 2U Prospective Resource in the eastern topsets of Ahpun, and the well located near existing infrastructure, the Megrez-1 well represents a significant exploration effort for 2024. Success in this well would advance our development plans for Ahpun.”
