Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has secured the Nabors 105AC rig to drill the Megrez-1 well in the fourth quarter of 2024.
Siteworks for construction of a gravel pad along the west side of the Dalton Highway are expected to begin in September with the drill rig to be mobilised when these are complete.
Megrez-1 well is estimated to have a 69% geological chance of success and will target the top set sands in Ahpun East project area, which Pantheon estimates contains 2U Prospective Resources of 609 million barrels of marketable liquids and 3.3 Tcf of natural gas.
Leases applied for in December 2023 have been awarded and are expected to be issued within the coming weeks, the oil and gas explorer said in a statement.
Based on the official title work, the 46 new leases consist of an aggregate of 65,691.5 acres; 30 leases are located on the western boundary of the Kodiak Field with 16 covering the Ahpun East top set play.
Jay Cheatham, Pantheon's chief executive, said: "With a management best estimate for the eastern topsets in Ahpun at over 1 billion barrels of oil equivalent 2U Prospective Resource to be tested by the Megrez-1 well, we believe this to be one of the most impactful onshore exploration well being drilled anywhere in the world during 2024.
“Success here would further advance our Ahpun development models and plans."