CIRI partnering in Nenana basin; joins Doyon in exploration efforts

Cook Inlet Region Inc. has announced that it is investing together with Doyon Ltd. in the exploration of the Nenana basin that Doyon has been spearheading for a number of years. CIRI is the Native regional corporation for Southcentral Alaska, while Doyon is the Native regional corporation for the Alaska Interior.

Doyon is seeking oil and gas in the Nenana basin, a large sediment-filled basin southwest of the city of Fairbanks. The corporation has conducted seismic surveys in the basin and on June 1 spudded the Toghotthele No. 1, the third well of the corporation’s exploration program. The previous two wells, while not finding a viable hydrocarbon resource, provided evidence for an active oil and gas system. Natural gas, if found, could presumably be used to fuel a power station on the nearby Alaska electricity grid or could perhaps be shipped by pipeline to Fairbanks. Oil could presumably be shipped to a convenient point on the trans-Alaska pipeline.

“We are beyond pleased to be partnering with CIRI in our exploration efforts,” said Aaron Schutt, president and CEO of Doyon. “CIRI’s commitment speaks to the potential of a commercial-sized oil or gas find in the Nenana basin and their confidence in our efforts so far.”

“We are excited about this new partnership with a fellow Alaska Native corporation,” said Sophie Minich, president and CEO of CIRI. “The Nenana basin offers a promising opportunity to meet the energy needs of interior Alaska and provide additional benefits to our shareholders.”

Doyon owns about 400,000 acres of state oil and gas leases in the basin, as well as owning subsurface mineral rights to an additional 42,000 acres.

- ALAN BAILEY