Pantheon Resources PLC has recently announced that they have secured the Nabors 105AC rig to drill the Megrez-1 well in the fourth quarter of 2024. This is a significant step for the company as they continue their exploration efforts in the Ahpun East project area.
The company is set to begin siteworks for the construction of a gravel pad along the west side of the Dalton Highway in September. Once these siteworks are complete, the drill rig will be mobilized to start drilling the Megrez-1 well.
The Megrez-1 well is estimated to have a 69% geological chance of success and will specifically target the top set sands in the Ahpun East project area. Pantheon Resources believes that this area contains significant prospective resources, with an estimated 609 million barrels of marketable liquids and 3.3 Tcf of natural gas.
In addition to securing the rig for the Megrez-1 well, Pantheon has also applied for and been awarded 46 new leases. These leases cover a total of 65,691.5 acres, with 30 of them located on the western boundary of the Kodiak Field and 16 covering the Ahpun East top set play.
Jay Cheatham, the chief executive of Pantheon Resources, expressed his excitement about the potential of the Megrez-1 well, stating that it could be one of the most impactful onshore exploration wells being drilled worldwide in 2024. He also mentioned that success in this well would significantly advance their development models and plans for the Ahpun area.
Overall, the securing of the rig for the Megrez-1 well marks an important milestone for Pantheon Resources as they continue their exploration and development efforts in the Ahpun East project area. The company remains optimistic about the potential of this well and the impact it could have on their future operations.