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

Egypt: IPR finds oil, gas in Southwest Gebel El-Zeit prospect

03/07/2014 Irving, Tex., independent IPR Inc. has made a discovery in its first drilled well, SWGEZ-5, in its Southwest Gebel El-Zeit concession in the Gulf o...

Guatemala: Atzam oil project advances

03/07/2014 Latin American Resources Ltd. (LAR) has drilled to 1,250 ft and successfully set and cemented the first intermediate 13.375-in. casing string in th...

Lundin completes Barents Sea exploration well

02/21/2014 Lundin Petroleum AB reported through its subsidiary, Lundin Norway AS, that it has completed drilling of its 7222/11-2 well on the Langlitinden pro...

Turkey: TransAtlantic to farmout Idil license

02/20/2014 TransAtlantic Turkey Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Ltd., has reached a farmout agreement with Oslo-based Onshore Petro...

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