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Pantheon Resources PLC - London-based oil and gas company focused on Alaska - Executes contracts for a drill rig to drill the Alkaid-2 well, scheduled to spud in July.
If spudding is successful, Pantheon will start a long term production test and truck and sell the produced oil to a nearby North Slope facility.
The well has several objectives, including the appraisal of the shallower Shelf Margin Deltaic horizon, and the starting of a long-term production test of the Alkaid horizon.
In addition, Pantheon has received plan of operations approval from the state of Alaska on the Alkaid projects.
Current stock price: 132.16 pence
12-month change: up sharply from 30.75p
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