Pantheon secures rig for Megrez-1 well

Pantheon Resources has formally contracted to use the Nabors 105AC drill rig to drill the Megrez-1 exploration well, which will target the Ahpun East topset play, starting in Q4 2024. In addition, the leases it bid for in December 2023 have been awarded and are will be issued within the coming weeks.

The 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 Pantheon 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.

Pantheon 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.