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Pantheon Resources exceeds $25M budget for Alaska's Dubhe-1 well by $8M due to expanded drilling and inflation, but operations remain safe and efficient.
Pantheon Resources reported an $8 million cost overrun for its Dubhe-1 well in Alaska, bringing total drilling and completion costs to $33 million, up from an initial $25 million estimate.
The increase stemmed from expanded reservoir targeting, contingency measures, and inflation.
Clean-up operations continue, with intermittent oil production starting November 3 and consistent small volumes beginning November 19.
About 40% of injected water has been recovered, along with steady gas production and modest light oil output.
The company says the cost rise doesn’t affect operational performance, citing safe and efficient execution.
Final costs will be determined after the program ends.
Pantheon Resources excede el presupuesto de $25M para el pozo Dubhe-1 de Alaska en $8M debido a la expansión de la perforación y la inflación, pero las operaciones siguen siendo seguras y eficientes.