Business
Formal Approval of the Alkaid Unit
Formal Approval of the Alkaid Unit.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1196E\n Pantheon Resources PLC\n 03 November 2020\n \n \n \n \n \n \n \n \n \n \n 3 November, 2020\n \n \n \n \n \n \n \n \n Pantheon Resources plc\n \n \n Formal Approval of the Alkaid Unit\n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\") the AIM-quoted oil and gas exploration company with working interests of 89.2% - 100% in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope is pleased to announce one of its 100% owned group company's application to form the Alkaid Unit (which encompasses 22,804 acres) has been formally approved by State of Alaska, Department of Natural Resources (\"DNR\"). \n \n \n \n \n \n As part of the now granted unit application, Pantheon submitted a First Plan of Exploration (\"POE\") outlining its proposed activities in relation to the unit. These include a commitment to the reprocessing of approximately 50 Square miles of 3D seismic as well as engagement of 3rd party specialists to produce an engineering study on a conceptual 'hot-tap' into the Trans Alaska Pipeline System (\"TAPS\"). There are no firm drilling commitments, however the POE proposes the drilling of two wells from gravel pads located adjacent to the Dalton Highway to allow year round activity. Under the POE, drilling and long-term production testing on the first of these wells, the Alkaid #2 well, is targeted for Spring/Summer 2021. Dependent upon the results of Alkaid#2, the POE anticipates the drilling and testing of the Alkaid#3 well to commence in 2022.\n \n \n \n \n \n \n Jay Cheatham, CEO, commented: \"\n \n \n It's a great day for Pantheon with the State of Alaska formally awarding the Unit Agreement over our 100% owned Alkaid project. This is the culmination of a long and collaborative process with the DNR in a submission process which involved consideration of a great deal of technical, geological, engineering and environmental information. We thank the DNR for their considerable efforts in this process. We now have tenure over 22,804 acres in the new Alkaid Unit. The independent experts at Lee Keeling & Assoc., in January of this year when they completed their report on Greater Alkaid, calculated a $595 million net present value (NPV10) for this singular projec...