Pantheon Resources PLC (LON:PANR) has expanded its footprints in Alaska’s North Slope, staking new exploration ground in the State’s lease sale.
The AIM-quoted company described its new acreage as “strategically positioned” covering two areas contiguous or adjacent to its existing assets.
It noted that it had a competitive advantage going into the bidding process as it owns proprietary 3D seismic which covers the leases and was not available to any third parties.
Pantheon said it believes the new acreage offers significant potential for the company.
"Having watched the evolution of these plays as the combination of the 3D seismic and the petrophysical analysis developed, I'm ecstatic to have been the successful bidder on this acreage where we clearly had a major advantage,” said Jay Cheatham, chief executive.
Technical director Bob Rosenthal said: “Acquiring these leases was a very successful outcome for Pantheon.
“Our team has spent close to a decade working this acreage, enhanced recently with advanced geophysical evaluation which was only available to Pantheon because of its proprietary 3D seismic over that area which was unavailable to any other players, hence the attractive acquisition price.
“Very importantly, the acreage is in very close proximity to the established export infrastructure.”