Business
Acquisition of Key Leases & Operational Update
Acquisition of Key Leases & Operational Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 10 November 2022\n \n \n \n \n \n \n Pantheon Resources plc\n \n \n \n \n Successful Acquisition of Key Leases in \n \n \n State of Alaska's North Slope Areawide Lease Sale\n \n \n \n \n Operational Update\n \n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM listed oil and gas company with a 100% working interest in all of its oil projects spanning c. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope (\"ANS\"), is pleased to provide the following operational update:\n \n \n \n Successful Bidding at \n \n \n State of Alaska's North Slope Areawide Lease Sale\n \n \n \n Pantheon is pleased to announce the successful acquisition of approximately 40,000 acres in the State of Alaska's North Slope Areawide Lease sale. Pantheon was successful on all bids submitted. The new leases are strategically positioned in two areas contiguous or adjacent to the Company's current acreage on its north western boundary, covering the extension of the Theta West project, and east, capturing the area adjacent to the junction of the Alkaid Unit and the Talitha Unit.\n \n \n \n \n \n Pantheon had a competitive advantage in bidding for this acreage given its sole use of the proprietary 3D seismic which covers the leases, and which is not currently accessible by any 3rd parties. These acreage additions are a direct result of detailed technical work completed by Pantheon's technical team and its consultants at eSeis following the successful Theta West #1 discovery well drilled earlier this year.\n \n \n \n \n \n Pantheon's winning bids averaged $28.00 per acre, significantly lower than the average of the winning bids recorded on other acreage in the sale. When the leases are officially awarded by the State of Alaska, estimated to be in six to 12 months' time, they will come with a 10-year initial term, an annual rental of $10 per acre, and a royalty rate of either 12.5% (four leases, 5,760 acres) or 16.67% (13 leases, 34,240 acres). These additions allow Pantheon to continue to strategically high grade its acreage based on the recent technical work completed by its team.\n \n \n \n \n \n \n Alkaid #2 - Operational Update\...