Pantheon Resources PLC - oil & gas exploration company - Reaches agreement with Otto Energy Alaska LLC, a subsidiary of Otto Energy Ltd, to acquire its 100% ownership of Borealis Alaska LLC, which owns an 11% working interest in each of the 16 leases in the 44,463 acre Talitha unit. Upon completion of the acquisition, Pantheon will own a 100% working interest in the Talitha unit. By way of an ealier transaction, Otto will retain a 0.5% overriding royalty interest in any future production from the Talitha unit. As purchase consideration, Pantheon says it will issue to Otto 14.3 million shares, subject to a lock-up until the end of June. The transfer of ownership is conditional upon approval by the Alaska Department of Natural Resources, which is fully expected but estimated to take a number of weeks.
Current stock price: 40.10 pence, down 3.1% on Tuesday
Year-to-date change: down 3.8%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Pantheon Res (PANR)