Pantheon Resources PLC Announces Spudding of Megrez-1 well
Pantheon Resources announces the spudding of the Megrez-1 well to explore eastern topsets in the Ahpun field, Alaska. The well targets three topset horizons with an estimated 2U Prospective Resource of 609 million barrels of ANS Crude and 3.3 trillion cubic feet of natural gas. The reservoir sections are younger and shallower than previous wells, with predicted superior characteristics. The company contracted the Nabors 105AC rig, with the gravel pad construction completed in October for year-round operations. The well's location adjacent to pipeline and road infrastructure could significantly impact Ahpun field development economics.
Pantheon Resources annuncia l'inizio della perforazione del pozzo Megrez-1 per esplorare i topset orientali nel campo di Ahpun, in Alaska. Il pozzo mira a tre orizzonti di topset con una stima di 2U Risorse Prospective di 609 milioni di barili di crudo ANS e 3,3 trilioni di piedi cubici di gas naturale. Le sezioni del serbatoio sono più giovani e poco profonde rispetto ai pozzi precedenti, con caratteristiche previste superiori. L'azienda ha contratto la piattaforma Nabors 105AC, con la costruzione della base in ghiaia completata a ottobre per operazioni durante tutto l'anno. La posizione del pozzo, adiacente infastrutture di pipeline e strade, potrebbe avere un impatto significativo sull'economia dello sviluppo del campo di Ahpun.
Pantheon Resources anuncia el comienzo de la perforación del pozo Megrez-1 para explorar los topsets orientales en el campo de Ahpun, Alaska. El pozo tiene como objetivo tres horizontes de topset con una estimación de 2U Recursos Prospectivos de 609 millones de barriles de crudo ANS y 3,3 billones de pies cúbicos de gas natural. Las secciones del reservorio son más jóvenes y poco profundas que los pozos anteriores, con características superiores previstas. La empresa contrató la plataforma Nabors 105AC, con la construcción de la base de grava completada en octubre para operaciones durante todo el año. La ubicación del pozo, adyacente a la infraestructura de tuberías y carreteras, podría tener un impacto significativo en la economía del desarrollo del campo de Ahpun.
팬테온 리소스는 알래스카 아픔 필드에서 동쪽 톱셋을 탐사하기 위해 메그레즈-1 우물을 시추하기 시작했다고 발표했습니다. 이 우물은 609백만 배럴의 ANS 원유와 3.3 조 입방피트의 천연 가스를 추정하는 세 개의 톱셋 수평을 목표로 하고 있습니다. 저수지 구역은 이전 우물보다 젊고 얕으며, 예측된 특성이 우수합니다. 이 회사는 나보르스 105AC 시추기를 계약했으며, 자갈 패드 건설은 연중 작업을 위해 10월에 완료되었습니다. 우물의 파이프라인 및 도로 기반 시설 인근 위치는 아픔 필드 개발 경제에 상당한 영향을 미칠 수 있습니다.
Pantheon Resources annonce le début du forage du puits Megrez-1 pour explorer les topsets orientaux dans le champ d'Ahpun, en Alaska. Le puits cible trois horizons de topset avec une ressource prospective estimée de 2U de 609 millions de barils de brut ANS et de 3,3 billions de pieds cubes de gaz naturel. Les sections de réservoir sont plus jeunes et plus superficielles que les puits précédents, avec des caractéristiques prédites supérieures. L'entreprise a engagé la plateforme Nabors 105AC, la construction de la plate-forme en gravier ayant été achevée en octobre pour des opérations tout au long de l'année. L'emplacement du puits à proximité des infrastructures de pipelines et de routes pourrait avoir un impact significatif sur l'économie de développement du champ d'Ahpun.
Pantheon Resources gibt den Beginn der Bohrungen des Megrez-1 Bohrlochs bekannt, um die östlichen Topsätze im Ahpun-Feld, Alaska, zu erkunden. Das Bohrloch zielt auf drei Topsatz-Horizonte ab, mit einer geschätzten 2U potenziellen Ressource von 609 Millionen Barrel ANS Rohöl und 3,3 Billionen Kubikfuß Erdgas. Die Reservoirabschnitte sind jünger und flacher als frühere Bohrlöcher, mit prognostizierten überlegenen Eigenschaften. Das Unternehmen hat die Nabors 105AC-Bohranlage beauftragt, und der Bau der Kiesunterlage wurde im Oktober für ganzjährige Operationen abgeschlossen. Die Lage des Bohrlochs in der Nähe von Pipeline- und Straßeninfrastruktur könnte erhebliche Auswirkungen auf die Wirtschaftlichkeit der Entwicklung des Ahpun-Feldes haben.
- Well targets substantial resources: 609M barrels of crude and 3.3 Tcf of natural gas
- Strategic location adjacent to Trans-Alaska Pipeline and road infrastructure
- Year-round operational capability with completed gravel pad
- Superior reservoir characteristics predicted compared to previous wells
- No impact on existing 1.6B barrels of certified contingent resources
- Exploration well with uncertain outcomes
- Resources are classified as 'prospective', indicating higher risk
Pantheon Resources plc
Spudding of Megrez-1 well
LONDON, UNITED KINGDOM / ACCESSWIRE / November 11, 2024 / 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.
President-elect Trump address to Alaska
Pantheon was greatly encouraged by the supportive words made by the President-elect and the Governor of Alaska last week with respect to their intentions for progressing the proposed Alaska natural gas pipeline (Phase 1 of the Alaska LNG project). A copy of Mr Trump's speech can be found at: https://www.facebook.com/GovDunleavy/videos/president-trump-addresses-alaska/514641971572044/
David Hobbs, Executive Chairman of Pantheon Resources, 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 boe (barrels of oil equivalent) of 2U Prospective Resource anywhere in the world during this year. We believe the target reservoir sections should exhibit at least an order of magnitude better permeability than Ahpun's western topsets which were logged and cored in the Pipeline State-1 well on Pantheon's acreage.In a success case, the 609 million barrels of ANS crude immediately adjacent to the Trans-Alaska Pipeline would yield a very high NPV/barrel and the 3.3 Tcf would significantly enhance Pantheon's gas resource base into its proposed gas project with Alaska Gasline Development Corporation.
"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."
For further information, please contact:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
U.S. Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
About Pantheon Resources
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of
A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl (million barrels) of ANS crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
Glossary
Boe Barrel of oil equivalent is a term used to summarize the amount of energy that is equivalent to the amount of energy found in a barrel of crude oil. One barrel of oil is generally deemed to have the same amount of energy content as 6,000 cubic feet of natural gas. So this quantity of natural gas is "equivalent" to one barrel of oil.
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SOURCE: Pantheon Resources PLC
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FAQ
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