Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) has been approved for a drill permit covering the Theta West well, on Alaska’s North Slope.
In Alaska, meanwhile, the rig for the Talitha A well is now on site where preparations are underway ahead of testing, before it moves on to Theta West.
Ice road construction is underway with one mile remaining to connect Theta West, and well pad construction will then be constructed.
"This permit approval is yet another important milestone achieved by our team,” said chief executive Jay Cheatham.
“There is a buzz of activity on our properties right now before the testing and drilling work commences for these high impact wells.”
Cheatham added: “If we have the success we hope for, the size and scale of these projects have the potential to create significant value for shareholders."
Pantheon shares were up 5.5% in Wednesday’s early deals changing hands at 78.6p.