Pantheon Resources has formally executed contracts for the Nabors 105AC drill rig to drill the Alkaid #2 well, scheduled to spud in July 2022.
Rig Contracted for Alkaid #2
Pantheon has formally executed contracts for the Nabors 105AC drill rig to drill the Alkaid #2 well, scheduled to spud in July 2022. If successful, Pantheon will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility. The Alkaid #2 well has three objectives (from shallowest to deepest);
To appraise the shallower Shelf Margin Deltaic horizon, which management believes contains a contingent resource of 2.6 billion barrels oil in place and 404 million barrels recoverable resource.
To commence a long-term production test of the primary objective Alkaid horizon, which the independent expert engineering firm Lee Keeling & Associates estimates to contain 76.5 million barrels of oil contingent resources (recoverable)
To evaluate the extent of the oil column within the Alkaid horizon immediately below the total depth at Alkaid #1. Alkaid #1 was terminated within the oil zone due to flooding of the Dalton Highway at the time. Based on seismic and other analytical analysis, the company believes the Alkaid horizon's oil zone is substantially thicker than reported to date, offering the potential for additional resource growth.
The Alkaid #2 well is a step out from the Alkaid #1 discovery well, which was drilled as a vertical test well and flow tested 108 barrels of oil per day through a six foot perforated interval. Alkaid #2 will be drilled horizontally to maximise flow rates and is expected to substantially exceed those seen at Alkaid #1.
Approval of plan of operations
In addition to securing the rig contract, Pantheon has received Plan of Operations approval from the State of Alaska, Department of Natural Resources on the Alkaid projects. Along with permits from the Corps of Engineers and the North Slope Borough, all necessary permits and authorisations to begin construction of the Alkaid #2 gravel pad and driveway(s) have now been secured and earthwork operations are expected to commence imminently.
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The well was drilled by the ‘Deepsea Stavanger’ drilling rig, about 25 km southwest of the Oseberg field in the North Sea and 150 km west of Bergen.