Pantheon Resources - Acquisition of Halliburton 25% WI in Alkaid/Phecda
Pantheon Resources plc
Acquisition of Halliburton's 25% working interest in Alkaid/Phecda
Increased ownership in Alkaid/Phecda (
Pantheon is pleased to report that it has executed a contractual agreement with Halliburton to acquire its 25% working interest in the six leases jointly held with Pantheon on the
As a result of this transaction Pantheon now holds 100% working interest in the 22,804 acres that make up the Alkaid/Phecda project, and 92% working interest in two additional adjacent leases comprising 11,367 gross acres. Upon the conclusion of this transaction, Pantheon will hold a 90-100% working interest in c.177,000 gross acres containing potential for 1.2 billion barrels of oil recoverable, located in close proximity to the
"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 90-135 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
"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 (Brookian) and Talitha Exploration (Kuparuk) projects, following a period of extensive analysis with the technical experts at eSeis."
"Our data room is open and we are working to find the right partner for the development of these significant projects."
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+44 20 7484 5361
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Arden Partners plc (Nominated Adviser and broker)
+44 20 7614 5900
+44 20 7138 3204
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Notes to Editors
The Group's stated objective is to create material value for its stakeholders through oil exploration, appraisal and development activities in high impact, highly prospective assets, in the
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The information contained within this RNS is considered to be inside information prior to its release. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
In accordance with the AIM Rules - Note for Mining and Oil & Gas Companies -
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. The announcement contains management estimates of possible valuations based on certain assumptions based upon information available at the time of writing and relating to a future period and, accordingly, they are not guaranteed and are subject to change. Estimates and assumptions underlying any such valuations are inherently uncertain, are based on events that have not taken place and are subject to economic, competitive and other uncertainties and contingencies beyond the Company's control.
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