Chip stocks fall with Nvidia after data center rev disappointment
LONDON - Pantheon Resources plc (AIM:PANR, OTCQX:PTHRF) announced Tuesday it has commenced drilling the Dubhe-1 well to appraise the topsets in its Ahpun oil field on Alaska’s North Slope.
The well primarily targets the SMD-B topset horizon, which according to a June 2024 Independent (LON:IOG) Expert Report by Cawley Gillespie & Associates contains an estimated 2C Contingent Resource of 282 million barrels of ANS Crude and 804 billion cubic feet of natural gas.
Pantheon will also use the well to explore three additional horizons - Prince Creek, SMD-C and the Slope Fan System - which currently have no resource estimates attributed to them.
The company completed construction of a gravel pad next to the Dalton Highway in June, which can support year-round drilling and development activities. Pantheon contracted the Nabors 105AC rig for the drilling operations, a rig the company has used in previous campaigns.
According to the press release, the Dubhe-1 well is appraising an already discovered resource where oil has been confirmed in multiple well penetrations, giving it "a significantly lower risk profile" than the company’s previous Megrez-1 exploration well.
The Independent Expert Report estimates the net present value of the total contingent resources in the western topsets in the Ahpun field at $1.74 billion, based on an ANS Crude price of $80 per barrel delivered to the U.S. West Coast and using a real discount rate of 10%.
Pantheon Resources holds a 100% working interest in approximately 259,000 acres on Alaska’s North Slope. The company plans to announce initial results from the Dubhe-1 well when drilling operations are complete.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.