Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) said the ice road from the Dalton Highway to the Talitha #A location in Alaska has been completed.
In an operations update, the AIM-quoted oil and gas company, which has working interests in a number of oil projects immediately adjacent to transportation and pipeline infrastructure on the Alaska North Slope, said the pad at the Talitha #A location has also been completed and the camp has been set up.
Construction of the eight-mile ice road from Talitha #A to the Theta West #1 location is also roughly half completed.
The Nordic Calista #3 rig, which was used to drill Talitha #A last year, commenced its mobilisation from Deadhorse, Alaska to the Talitha #A location on 4 January and is expected to arrive today. Once on location, it will prepare the Talitha #A wellbore for testing operations after which it will mobilise to the Theta West #1 location where it will be used for drilling operations. As Talitha #A was drilled last season, a smaller low-cost coiled tubing unit will conduct testing operations.
Pantheon said its 2022 drilling season objectives will include the following: testing of the multiple oil zones confirmed by Pantheon at Talitha #A; drilling a new well at Theta West; and drilling an appraisal/development well at Greater Alkaid, offsetting the Alkaid #1 discovery well.
"It is now full steam ahead on the Alaskan North Slope with the commencement of a major work programme that is both funded and significantly de-risked after a decade of investment where some US$300 million has been invested to date,” said Jay Cheatham, the chief executive officer of Pantheon.
“The 2022 programme targets some 2.2 billion barrels of recoverable oil, which has enormous implications if successful. All permitting for Talitha and Theta West has to date progressed to plan with all remaining standard permits expected in time for the scheduled commencement of drilling operations.
"I remind shareholders that Pantheon's assets are all located on State and not federal lands. Pantheon's geographic location, in close proximity to the existing production and export infrastructure, enhance not just the commercial potential of its resources, but also minimise the potential of environmental and federal disruption experienced by other operators on federal lands. We are pleased to have received formal approval of our plans of operations at Theta West and Talitha and continue to work closely with the State of Alaska on all aspects of our operations,” Cheatham added.