LONDON (Alliance News) - Pantheon Resources PLC, Red Emperor Resources NL and 88 Energy Ltd on Monday reported spudding of Winx-1 well located onshore Alaska.
The well was spudded on Friday on schedule and will be drilled to a total vertical depth of around 6,500 feet, targeting the Nanushuk as the primary objective.
The well will also pass through the Seabee Turbidite and Torok Fan secondary targets.
Drilling and testing are expected to take about 50 days.
Pantheon acquired a stake in the project after buying Great Bear Petroleum Ventures I LLC and Great Bear Petroleum Ventures II LLC last month.
Red Emperor holds a 31.5% interest and 88 Energy has 66% stake.
Pantheon shares were untraded at 22.10p while Red Emperor were down 3.2% at 4.21p and 88 Energy were down 2.3% at 1.06p.
88 Energy (88E)
Pantheon Res (PANR)