Pantheon Resources PLC - Oil and gas company focused on developing the Ahpun and Kodiak fields, onshore US - Says it has been awarded 66,240 acres of new leases on the North Slope in Alaska. Says it paid USD31.83 per acre, including fees. Leases will officially be awarded by the State of Alaska in around four to six months. Says they will come with a 10-year initial term, an annual rental of USD10 per acre, and royalty rates of around 17% for 20 leases of 28,800 acres and 13% for 26 leases covering 37,440 acres. It already owns 193,000 acres on the North Slope.
Technical Director Bob Rosenthal says: "This is an important result, securing what we expect to be the highest quality areas of the Kodiak and Ahpun Fields at the shallowest depths, and protecting the development schedules for Ahpun and Kodiak by covering the full fields to be included in our requests for development consents from the State of Alaska."
Current stock price: 19.16 pence, up 10%
12-month change: down 78%
By Sabrina Penty, Alliance News reporter
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Pantheon Res (PANR)