11th Nov 2024 12:32
(Alliance News) - Pantheon Resources PLC on Monday saw its shares jump as it announced the spudding of the Megrez-1 well in Alaska's North Slope.
The oil and gas company, which is focused on developing the Ahpun and Kodiak onshore oil fields in Alaska, revealed that it was beginning drilling operations as it looks to explore the eastern topsets in the Ahpun field.
Pantheon said the Megrez-1 well will target three topset horizons which it estimates hold an aggregate 2U Prospective Resource of 609 million barrels of crude oil, as well as 3.3 trillion cubic feet of natural gas.
Its shares rose 24% to 28.00 pence on Monday afternoon in London.
Once drilling operations have concluded, the firm said the initial results from the well will be announced.
Pantheon Chief Executive David Hobbs said: "A success at Megrez-1 will expand the understanding of Ahpun oil and gas accumulations and dramatically impact the economics of the Ahpun full field development.
"There are few, if any, onshore wells targeting what we estimate to be more than 1 billion barrels of oil equivalent of 2U prospective resource anywhere in the world during this year.
"While the outcome of the Megrez-1 well will not impact our already certified 1.6 billion barrels of contingent resources, success here would be material to our Ahpun development plans for both ANS crude and gas. I look forward to reporting on progress once drilling is complete."
By Christopher Ward, Alliance News reporter
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