Pantheon Resources gets approval for upcoming Theta West 1 well

Oil and gas company Pantheon Resources said on Wednesday that the drilling permit for Theta West 1 had now been approved.

The AIM-traded firm said it had been notified by the Alaska Oil & Gas Conservation Commission that the permit required to drill the Theta West 1 well had been approved.

It said the Nordic Calista 3 rig was on location at the Talitha A well, where it would complete works to prepare the well for testing, before being mobilised to the Theta West 1 location for the spudding of that well.

Given that Talitha A was already drilled and cased, a smaller coiled tubing unit would be used for testing, once preparation works were complete with the larger rig.

The company said the ice road to Theta West was still under construction, with about one mile still to be fortified and completed.

Following that, the pad will be constructed before the move of the rig.

“This permit approval is yet another important milestone achieved by our team,” said chief executive officer Jay Cheatham.

“There is a buzz of activity on our properties right now before the testing and drilling work commences for these high impact wells.”

Cheatham noted that, at its upcoming company webinar, Pantheon would outline the drilling and testing programme planned for the next six months.

“If we have the success we hope for, the size and scale of these projects have the potential to create significant value for shareholders.”

At 1201 GMT, shares in Pantheon Resources were up 4.56% at 78.01p.