RE: Acquisition of 10.8% WI in Talitha19 Jan 2021 08:33
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Today's comment from W H Ireland re PANR and Otto: Pantheon Resources (PANR) – Corporate – Acquiring 100% of Talitha Unit with Shares Market Cap £287m* Share Price 41.4p Pantheon announced that is has acquired the 10.8% of the Talitha Unit it did not already own, bringing its interest to 100% in the unit. The vendor, Otto Energy Alaska, will be provided with 14,272,592 shares in Pantheon Resources as consideration. The company continues to drill ahead with the Talitha#A well. WHI View: The transaction is value accretive for Pantheon and we increase our fair value estimate to 89p from 83p. As a reminder, our fair value estimate includes 25% of our success-case valuations in respect of two of the four targets that the Talitha#A well is intended to evaluate, namely, the Talitha Brookian Shelf Margin Deltaic and the Talitha Kuparuk.