On Sunday, Nov. 10, Pantheon Resources (AIM:PANR) sent out two related announcements about important events that took place that weekend:
* The Megrez 1 well was spud on Alaska's North Slope.
* Pantheon's share price was up 17%.
* President-elect Donald J. Trump made a supportive statement on progressing the proposed Alaska natural gas pipeline.
Regarding the spudding of the Megrez 1 well by Great Bear Pantheon, the target is "three topset horizons which Pantheon estimates to contain an aggregate 2U prospective resource of 609 million barrels of ANS crude (oil, condensate and NGLs) and 3.3 trillion cubic feet of natural gas."
Great Bear Pantheon is exploring the eastern topsets in the Ahpun and Kodiak fields, immediately adjacent to the North Slope oil pipeline and road infrastructure.
Great Bear Pantheon contracted the Nabors 105AC rig to drill the Megrez 1 well. The company is familiar with the rig from past drilling campaigns.
Construction of the gravel pad next to the Dalton Highway was completed in October, and the pad can be used year-round to support future drilling and development activities.
On Oct. 14 the Alaska Department of Natural Resources' Division of Oil and Gas sent Patrick Galvin, Great Bear Pantheon's chief commercial officer, approval to adjust the downhole location of the Megrez 1 well.
The surface location of the Megrez pad will remain the same as described in the original approval dated Aug. 29, however the well trajectory will pass through ADL 394101 and terminate in ADL 394202.
The non-unitized leases are operated by Great Bear and are directly adjacent to the Talitha Unit
This plan modification also included widening of the driveway from the previously approved width of 24 feet to 34 feet. The increased width is necessary to provide the drill rig and support equipment safe access to the site.
Initial results from the Megrez 1 exploration well will be announced when drilling operations are complete.
Trump's support
Pantheon said it "was greatly encouraged by the supportive words made by the President-elect and by the Governor of Alaska last week with respect to their intentions for progressing the proposed Alaska natural gas pipeline (Phase 1 of the Alaska LNG project)."
President-elect Donald J. Trump "gave a supportive address on progressing the proposed Alaska natural gas pipeline," Pantheon said.
"Pantheon has a gas sales agreement with the Alaska Gasline Development Corporation for the supply of up to 500 million cubic feet per day."
A copy of Trump's speech can be found at: https://www.facebook.com/GovDunleavy/videos/president-trump-addresses-alaska/514641971572044/
--KAY CASHMAN
