By Adriano Marchese

 

ACQUIRER: Pantheon Resources PLC (PANR.LN).

SELLER: Halliburton Co. (HAL).

TARGET: 25% working interest in the six leases jointly held with Pantheon on the North Slope of Alaska.

PRICE: Pantheon will accept full responsibility for all future lease obligations.

RATIONALE: The company said that upon the conclusion of this transaction which will bring its ownership in the Alkaid/Phecda project to 100%, and it will now hold a 90% to 100% working interest in around 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.

STOCK MOVE: At 0824 GMT, shares are up 0.4 pence, or 2.4%, at 17.4 pence.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

October 17, 2019 04:49 ET (08:49 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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