Pantheon Resources PLC Acquisition of key leases in Alaska's North Slope (6406W)
12 Dicembre 2019 - 8:07AM
UK Regulatory
TIDMPANR
RNS Number : 6406W
Pantheon Resources PLC
12 December 2019
12 December, 2019
Pantheon Resources plc
Successful acquisition of key leases in State of Alaska's North
Slope Areawide Lease sale
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 announce:
Successful bidding at State of Alaska's North Slope Areawide
Lease sale
Pantheon is pleased to announce the successful acquisition of
approximately 27,840 acres in the State of Alaska's North Slope
Areawide Lease sale, held overnight in Alaska. The new leases are
strategically positioned in two areas contiguous or adjacent to our
current acreage on our northern and southwestern boundaries.
Pantheon had a competitive advantage in bidding for this acreage
given it owns the proprietary 3D seismic which covers the leases,
and which was not accessible by any 3(rd) parties. These acreage
additions are a direct result of detailed technical work completed
by Pantheon and its consultants at eSeis over recent months, which
includes comprehensive Hi-Tech Geophysical evaluation of the area.
Management believe the new acreage offers significant potential for
the Company.
Pantheon's winning bids averaged $30.50 per acre, significantly
lower than the $276.95 per acre winning bids recorded on other
acreage in the sales. When the leases are officially awarded by the
State of Alaska, estimated to be in 6 to 12 months, they will come
with a 10-year initial term, an annual rental of $10 per acre for
the first seven years, and a royalty rate of either 12% (8 leases)
or 16.67% (9 leases). These additions will also allow us to
continue to strategically high grade our acreage based on the very
recent technical work completed by our team.
Overall on this day, the State of Alaska and federal Bureau of
Land Management held three successful lease sales that in the
aggregate brought in over $19 million in bonus bids. These lease
sales come after the announcements of major discoveries over the
past few years on the North Slope in two new play types.
Bob Rosenthal, Technical Director stated:
"Acquiring these leases was a very successful outcome for
Pantheon. Our team has spent close to a decade working this
acreage, enhanced recently with advanced geophysical evaluation
which was only available to Pantheon because of its proprietary 3D
seismic over that area which was unavailable to any other players,
hence the attractive acquisition price. Very importantly, the
acreage is in very close proximity to the established export
infrastructure.
"The geological plays identified by Pantheon are all
stratigraphic Brookian targets, based on known oil in 3 wells and
are close to being matured to drilling status. These Brookian plays
are in the same formations that have been so successful in
discovering oil on the North Slope and are very large. The forward
program on these leases will be to appraise these projects by
drilling and moving to exploit these resources."
Jay Cheatham, CEO added:
"Having watched the evolution of these plays as the combination
of the 3D seismic and the petrophysical analysis developed, I'm
ecstatic to have been the successful bidder on this acreage where
we clearly had a major advantage. The geographic location both in
terms of the geological plays we are chasing in contiguous acres
and in relation to the export infrastructure were important
considerations. I look forward to working with the State of Alaska
on these leases. This new acreage adds significant and material
potential to our prospect inventory and will allow Pantheon to
continue to strategically high grade our lease position going
forward"
-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 Financial PR & IR
Megan Ray +44 20 7138 3204
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
ACQGGGGUPUPBUMP
(END) Dow Jones Newswires
December 12, 2019 02:07 ET (07:07 GMT)
Grafico Azioni Pantheon Resources (LSE:PANR)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Pantheon Resources (LSE:PANR)
Storico
Da Apr 2023 a Apr 2024