AUS
NZ
UK
CA
USA
IND
_06_19_2026_12_34_15_139937.jpg)
Pantheon Resources PLC, a company engaged in Oil and Gas sector, has announced the acquisition of the Nabors 105AC rig for the drilling of its Megrez-1 well, scheduled for the fourth quarter of 2024. This development marks a significant step in the company’s ongoing exploration activities.
Project Overview
The Megrez-1 well will be situated in the Ahpun East project area, located approximately along the west side of the Dalton Highway. Pantheon Resources Plc (LSE:PANR) is preparing for site construction, which includes the creation of a gravel pad necessary for rig operations. These site preparations are slated to commence in September, with the drilling rig scheduled to be mobilized upon their completion.
Pantheon Resources has assigned a 69% geological chance of success to the Megrez-1 well. This well aims to explore the top set sands in the Ahpun East project area. The company has estimated that this area holds significant potential, with 2U Prospective Resources of approximately 609 million barrels of marketable liquids and 3.3 trillion cubic feet (Tcf) of natural gas.
Significance of the Rig Acquisition
The securing of the Nabors 105AC rig is a crucial step for Pantheon Resources, as it supports the company's strategic objectives in evaluating and advancing its exploration efforts. The rig is a vital asset for the planned drilling operations, and its acquisition underscores the company’s commitment to advancing its projects.
The Ahpun East project area, targeted by the Megrez-1 well, is part of Pantheon’s broader exploration strategy. The upcoming drilling operation is expected to provide valuable insights into the resource potential of the area, helping to inform future development decisions.
Preparation and Prospects
Site preparations and the mobilization of the Nabors 105AC rig are expected to proceed as planned, setting the stage for the drilling of the Megrez-1 well later this year. Pantheon Resources is optimistic about the potential outcomes of this well, given its estimated chance of success and the significant resource estimates for the Ahpun East project area.
The acquisition of the rig and the planned drilling of the Megrez-1 well represent key milestones for Pantheon Resources as it continues to explore and develop its oil and gas assets. The progress of these activities will be closely watched by stakeholders and industry observers.
