Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) told investors the Theta West #1 well has now been spudded.
The well, located on Alaska’s North Slope, is some 8.5 miles from the Talitha #A well which began a testing programme over the weekend.
Theta West #1 is targeting two primary targets, the upper basin floor fan and the lower basin floor fan. These plays have been estimated to have the potential for up to 12.1bn barrels of oil in place and 1.4bn barrels recoverable.
It will be drilled down to around 9,200 feet, with the top of the target formations anticipated at around 7,600 feet and the reservoir thickness has been estimated at 1,300 feet.
“The spudding of the Theta West #1 well marks another important day for Pantheon shareholders,” said chief executive Jay Cheatham.
“As happened last year, our contractors have built the ice roads and drilling pads safely and on schedule. This has enabled us to have our equipment on both locations by mid-January, maximizing our time to complete our planned two well winter campaign.
Cheatham added: "A first for Pantheon is the simultaneous operations at both Theta West and Talitha #A.”
At Talitha, testing will begin from the lowest formation, the Lower Basin Floor Fan, before proceeding sequentially to the two shallower Slope Fans (which will be tested together) and the Shelf Margin Deltaic horizons.
Talitha was drilled last year and found five independent oil horizons, all confirmed as being oil bearing.
Cheatham noted that Pantheon expects to follow the Theta West and Talitha wells with the Alkaid 2 well, in Spring/Summer 2022.
“These wells test very large targets and have the potential to be very material for all shareholders, if successful," the Pantheon boss added.