Pantheon Resources PLC - AIM-quoted oil & gas exploration company - Receives formal approval from the Alaska Department of Natural Resources for the acquisition of 100% of the share capital of Borealis Alaska LLC. Borealis owns a 11% working interest in each of the 16 leases in the Talitha unit, located on the prolific Alaska North Slope. The completion of this transaction increases Pantheon's working interest in the Talitha unit to 100% from 89.2%. In consideration for the acquisition, Pantheon will issue to the vendor Otto Energy Alaska LLC 14.3 million Pantheon shares.
Turning to operations, Pantheon says it has completed the sidetrack to the Kuparuk section of the Talitha #A well. Testing operations are expected to commence shortly.
Current stock price: 37.87 pence, down 2.0% on Tuesday
Year-to-date change: down 13%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Pantheon Res (PANR)