Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) said it received overall formal approval for plans to develop the Theta west and Taltiha projects on Alaska’s North Slope.
The company is working on the final permits required, although construction has already started on an ice road that will extend from the Dalton Highway directly to the Talitha #A site and onwards to the Theta West location.
Pantheon also engaged the rig and crew previously used to drill and test the Talitha #A well earlier this year for two new wells - one at Theta West and one at Alkaid, with Talitha #A to be tested through the use of a separate coiled tubing unit.
Last week, Pantheon raised around US$96mln of new funds comprising US$41mln of equity, via an oversubscribed placing, and US$55mln of convertible bond and this gave it an option for an additional well at Alkaid, it said.
“We are pleased to receive formal approval of our Plans of Operations at Theta West and Talitha and continue to work closely with the State of Alaska to finalise the remaining applications," Jay Cheatham, chief executive, said.
"The work accomplished last winter means we return to the North Slope with our assets substantially de-risked.
“The drilling of two new wells, and possibly a third, as well as re-entering and testing the Talitha #A well, has the potential to create significant value for our company.”