(Alliance News) - Pantheon Resources PLC has taken full control of six Alaskan North Slope licences for an undisclosed sum, it said on Thursday.
London-based Pantheon has bought the outstanding 25% in the Alkaid licences from US oil field services firm Halliburton Co. This gives the firm full control over 22,804 acres worth of assets.
Chief Executive Jay Cheatham said: "This is great news for Pantheon shareholders. Alkaid is a tremendous success for our company, and this transaction delivers us 100% ownership of the Alkaid/Phecda project which contains an estimated 900 million barrels of oil in place, and a P50 technically recoverable resource estimated at 90 to 135 million barrels of oil based upon primary recovery assumptions of 10-15%. 100% ownership is important to our farm out discussions.
"The location of this project, sitting immediately below and adjacent to the Dalton Highway and Trans Alaskan pipeline offers significant cost and timing advantages over other North Slope projects, with the possibility of year round activity and targeted first production as early as 2020.
"Today's news follows the similarly important news only last month where we advised shareholders of the material advancements in the potential of our nearby Talitha appraisal and Talitha exploration projects, following a period of extensive analysis with the technical experts at eSeis," said Pantheon.
Shares were 4.4% higher on Thursday morning in London at a price of 17.74 pence each.
By George Collard; georgecollard@alliancenews.com
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Pantheon Res (PANR)