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(Alliance News) - Pantheon Resources PLC has identified two new projects, it said on Thursday, following a review of newly-acquired acreage in Alaska.
The two new projects are called Theta West and Leonis, and Pantheon believes they could hold over one billion barrels of oil in place.
This follows the firm last week reporting a "fantastic" new resource estimate of the Greater Alkaid project, on Alaska's North Slope. This new resource suggested 76.5 million barrels of recoverable oil.
"The independent expert report exceeded my expectations and our projects continue to evolve positively. As I stated last week, good oil fields get bigger and better over time. We now have a fantastic valuation on Greater Alkaid, have added over one billion barrels of oil in place to our portfolio, and the size and quality of Talitha is looking better every day. We look forward to continuing to share this great news with our investor base," said Chief Executive Jay Cheatham.
"I can't give any specifics about the farm-out discussions, however, the independent experts' report has substantially helped the process and I am greatly encouraged."
Pantheon shares were 9.1% lower on Friday morning at a price of 5.00 pence each.
By George Collard; georgecollard@alliancenews.com
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