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Success at Dubhe-1 well
Pantheon announces completion of fracture stimulation ops on North Slope
Kay Cashman Petroleum News
Pantheon Resources plc recently announced the successful completion of fracture stimulation operations at the Dubhe-1 well on Alaska's North Slope.
This announcement follows the recently drilled Dubhe-1 horizontal lateral which was successfully drilled and logged to a total measured depth of 15,800 feet and cased back to surface providing c. 5,200 feet of the wellbore entirely within the SMD-B target reservoir available for stimulation.
Well clean-up and flow testing operations of between 30-90 days are planned for the Dubhe-1 well and due to commence shortly.
Pantheon is the oil and gas company developing the Kodiak and Ahpun projects immediately adjacent to pipeline and transportation infrastructure on the North Slope.
In Alaska, Pantheon's fields and wells are operated by Great Bear Pantheon.
Key points Key points noted by Pantheon in its recent press release regarding the Dubhe-1 well are as follows:
- 25 hydraulic fracture stimulation stages successfully completed in 8 days.
- Operations are now underway to prepare well for clean-up and production testing.
"We are extremely pleased with the success of the operations so far. The team did an excellent job executing this large and intricate operation safely and efficiently. The stimulation was performed as planned, increasing our confidence in achieving the objectives of the forthcoming flow testing program," Erich Krumanocker, Chief Development Officer for Pantheon, was quoted as saying in the company's recent press release.
Oil and gas resource Pantheon is an AIM listed company focused on developing its 100% owned Ahpun and Kodiak fields located on State of Alaska land on the North Slope.
Independently certified best estimate contingent recoverable resources attributable to these projects currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas.
The company owns 100% working interest in c. 259,000 acres.
Pantheon's stated "objective is to demonstrate sustainable market recognition of a value of approximately $5 of recoverable resources by end 2028."
This is based on bringing the Ahpun field forward to FID and producing into the TAPS main oil line by the end of 2028.
The Gas Sales Precedent Agreement signed with AGDC provides the potential for Pantheon's natural gas to be produced into the proposed 807-mile gas pipeline from the North Slope to Southcentral Alaska during 2029.
Once the company achieves financial self-sufficiency, it will apply the resultant cashflows to support the FID on the planned Kodiak field, subject to regulatory approvals, and targeted by the end of 2028 or early 2029.
A major differentiator to other ANS projects, Pantheon says, is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska.
Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
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