LONDON (Alliance News) - Pantheon Resources PLC said Monday that it started field operations to re-enter the suspended Alkaid well in the north slope of Alaska.
The well was drilled in 2015 but was not flow-tested at the time due to "an extreme weather event" causing flooding to the region.
"The well was suspended to avoid equipment being stranded at location after logging all zones, and after sidewall coring the deepest zone," the company explained.
Now, Pantheon plans to re-enter the well. Construction of an ice road to the location is well underway and the All-American Oilfield Services Rig 111 rig has been is estimated to arrive on site during the first week of March.
Chief Executive Officer Jay Cheatham said: "We have worked tirelessly to be in a position to test Alkaid so soon after completion of the Great Bear acquisition last month. We hope and expect that Alkaid borehole conditions will allow us to undertake a full evaluation of the oil encountered in the three independent zones."
"The Alkaid project along with Winx, currently drilling, provide enormous potential for Pantheon shareholders with both these exploration wells targeting multi-hundred million barrel oil accumulations, augmenting a portfolio of other major projects on the North Slope on our acreage," he added.
Pantheon Resources shares were trading up 0.7% at 23.67 pence each.
Pantheon Resources plc (PANR)