Alaska: Miller developing Susitna basin work program

By OGJ editors

Miller Energy Resources Inc., Knoxville, Tenn., said it is developing a work program for the Susitna basin north of Anchorage in south-central Alaska, where it has acquired a third license.

The 45,764-acre exploration license is south of the company’s two existing tracts and brings the total holding to nearly 700,000 acres of state lands in Susitna and the Cook Inlet.

Miller’s Cook Inlet Energy LLC subsidiary was issued the new 5-year Susitna license. The company believes the basin to be prospective, especially for natural gas.

The work commitment requires the performance of exploratory work with qualifying direct expenditures totaling a minimum of $250,000. On timely completion, the subsidiary will have the option to convert any or all of the remaining license acreage to oil and gas leases with a 5-year term, 12.5% royalty, and $3/acre annual rentals.

As part of the license agreement, Miller incurred a one-time license fee of $1/acre and posted a $50,000 initial performance bond. An annual performance bond is required until the work commitment is fulfilled.

Related Articles

SHELL HOMES IN ON TROLL FIELD DEVELOPMENT

01/08/1990 Norske Shell will recommend to partners that Troll gas field in the Norwegian North Sea be developed using multiphase flow pipelines and onshore pr...

WASHINGTON TO DETERMINE OCS LEASE SALE SCHEDULE

01/08/1990 Patrick Crow Washington Editor The U.S. government will make critical decisions on the future of Outer Continental Shelf leasing this year. And it ...

ENVIRONMENTAL CONCERN OUTWEIGHS ACTION ON ENERGY IN CONGRESS

01/29/1990 Patrick Crow Washington Editor U.S. environmental issues will continue to outweigh energy concerns in this session of Congress. And the environment...

NEW SITES SHOULD REFIRE PARADOX INTEREST

02/05/1990 John C. McCaslin Exploration Editor There are more growing signs of renewed exploratory interest in the Paradox basin of the Four Corners region. C...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected