Pantheon Resources PLC Acquisition of Halliburton 25% WI in Alkaid/Phecda (1972Q)
October 17 2019 - 2:00AM
UK Regulatory
TIDMPANR
RNS Number : 1972Q
Pantheon Resources PLC
17 October 2019
17 October 2019
Pantheon Resources plc
Acquisition of Halliburton's 25% working interest in
Alkaid/Phecda
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with working interests
in several conventional project areas in Tyler and Polk Counties,
onshore East Texas, and onshore North Slope of Alaska, is pleased
to provide shareholders with the following update:
Increased ownership in Alkaid/Phecda (Alaska) from 75% to
100%
Pantheon is pleased to report that it has executed a contractual
agreement with Halliburton to acquire its 25% working interest in
the six leases jointly held with Pantheon on the North Slope of
Alaska. Under the agreement, which is subject to a customary
approval process by the State of Alaska Department of Natural
Resources, Halliburton will transfer to Pantheon their entire
working interests in the leases in exchange for Pantheon accepting
full responsibility for all future lease obligations.
As a result of this transaction Pantheon now holds 100% working
interest in the 22,804 acres that make up the Alkaid/Phecda
project, and 92% working interest in two additional adjacent leases
comprising 11,367 gross acres. Upon the conclusion of this
transaction, Pantheon will hold a 90-100% working interest in
c.177,000 gross acres containing potential for 1.2 billion barrels
of oil recoverable, located in close proximity to the North Slope
of Alaska's major highway and pipeline infrastructure. In addition,
Pantheon holds 10% working interest in the Winx acreage, covering
an additional c.23,000 gross acres.
Jay Cheatham, CEO, said:
"This is great news for Pantheon shareholders. Alkaid is a
tremendous success for our Company, and this transaction delivers
us 100% ownership of the Alkaid/Phecda project which contains an
estimated 900 million barrels of oil in place, and a P50
Technically Recoverable Resource estimated at 90-135 million
barrels of oil based upon primary recovery assumptions of 10-15%.
100% ownership is important to our farm out discussions. The
location of this project, sitting immediately below and adjacent to
the Dalton Highway and Trans Alaskan Pipeline offers significant
cost and timing advantages over other North Slope Projects, with
the possibility of year round activity and targeted first
production as early as 2020."
"Today's news follows the similarly important news only last
month where we advised shareholders of the material advancements in
the potential of our nearby Talitha Appraisal (Brookian) and
Talitha Exploration (Kuparuk) projects, following a period of
extensive analysis with the technical experts at eSeis."
"Our data room is open and we are working to find the right
partner for the development of these significant projects."
-ENDS-
Further information:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Arden Partners plc (Nominated Adviser and broker) +44 20 7614 5900
Paul Shackleton
Daniel Gee-Summons
Blytheweigh (PR)
Tim Blythe
Megan Ray
Jane Lenton +44 20 7138 3204
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas
exploration and production company with assets in East Texas and on
the North Slope of Alaska, onshore USA.
The Group's stated objective is to create material value for its
stakeholders through oil exploration, appraisal and development
activities in high impact, highly prospective assets, in the USA; a
highly established region for energy production with
infrastructure, skilled personnel and low sovereign risk. All
operations are onshore USA, with drilling costs an order of
magnitude below that of offshore wells.
In East Texas, Pantheon held a 50% to 75% working interest
("WI") in several conventional prospects in Tyler & Polk
Counties, in an area of abundant regional infrastructure, and in
proximity to the prized Double A Wells Field. Pantheon has the
ability for this working interest position to increase to 100%
should the minority partner not be in a position to meet its pro
rata share of future drilling and operating costs.
In Alaska, following its acquisition of the assets of Great Bear
Petroleum in January 2019, Pantheon holds working interests ranging
between 90% and 100% of prospects covered by circa 1,000 square
miles of 3D seismic with P50 Technically Recoverable Resources
estimated at over 1.2 billion barrels of oil.
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
The information contained within this RNS is considered to be
inside information prior to its release. Neither the contents of
the Company's website nor the contents of any website accessible
from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
In accordance with the AIM Rules - Note for Mining and Oil &
Gas Companies - June 2009, the information contained in this
announcement has been reviewed and signed off by Jay Cheatham, a
qualified Chemical & Petroleum Engineer, who has over 40 years'
relevant experience within the sector.
Cautionary Statement: The estimated quantities of petroleum that
may be potentially recovered by the application of a future
development project relate to undiscovered accumulations. These
estimates have both an associated risk of discovery and a risk of
development. Further exploration, appraisal and evaluation are
required to determine the existence of a significant quantity of
potentially movable hydrocarbons. The announcement contains
management estimates of possible valuations based on certain
assumptions based upon information available at the time of writing
and relating to a future period and, accordingly, they are not
guaranteed and are subject to change. Estimates and assumptions
underlying any such valuations are inherently uncertain, are based
on events that have not taken place and are subject to economic,
competitive and other uncertainties and contingencies beyond the
Company's control.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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