Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) ("Pantheon" or the "Company"), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, today announces the spudding of the Megrez-1 well to explore the eastern topsets in the Ahpun field, immediately adjacent to pipeline and road infrastructure.
The reservoir sections to be targeted are both younger and shallower than in any of Pantheon's previous Alaskan wells, with superior reservoir characteristics predicted. The Megrez-1 well will target three topset horizons, which the Company estimates to contain an aggregate 2U Prospective Resource of 609 million barrels of ANS Crude (oil, condensate & NGLs) and 3.3 trillion cubic feet ("Tcf") of natural gas. Initial results from the well will be announced when drilling operations are complete.
Pantheon contracted the Nabors 105AC rig, which the Company is familiar with having used it in previous drilling campaigns, to drill the Megrez-1 well. Construction of the gravel pad next to the Dalton Highway was completed in October, and the pad can be used year-round to support future drilling and development activities.