Business
Rig for Megrez-1 Well and Award of New Leases
Rig for Megrez-1 Well and Award of New Leases.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n\n\n12 August 2024\n \nPantheon Resources plc\nPantheon Secures Rig for Megrez-1 Well and Award of New Leases\n \nPantheon Resources plc (AIM: PANR) (\"Pantheon\" or \"the Company\"), owner of 100% working interest in the Kodiak and Ahpun oil fields, containing independently evaluated recoverable contingent resources of c. 1.6 billion barrels (\"Bbbl\") of ANS crude and 6.7 trillion cubic feet (\"Tcf\") of natural gas in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, is pleased to announce that it has executed a rig contract to secure the use of the Nabors 105AC rig to drill the Megrez-1 well in Q4 2024.\n \nPantheon also announces that the leases which it successfully bid for in December 2023 have been awarded and are expected to be issued within the coming weeks.\n \nExecution of Drill Rig Contract\n \nPantheon has formally contracted to use the Nabors 105AC drill rig, a rig the Company is familiar with having used it in previous drilling campaigns, to drill the Megrez-1 exploration well which will target the Ahpun East topset play. Siteworks for construction of a gravel pad along the west side of the Dalton Highway are expected to commence in September and upon completion of these siteworks the drill rig will be mobilised.\n \nThe Megrez-1 well is estimated to have a 69% geological chance of success and will target the topset sands in Ahpun East project area which the Company estimates to contain a 2U Prospective Resources of 609 million barrels of marketable liquids and 3.3 Tcf of natural gas. The Ahpun East topsets are significantly shallower than the Ahpun western topsets drilled previously.\n \nFormal Award of Leases\n \nThe Company has also 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 prior to 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 topset play. The State of Alaska will execute and issue the leases in the next few weeks.\n \nJay Cheatham, Pantheon's Chief Executive, commented: \"Wit...