Business
Acquisition of New Acreage
Acquisition of New Acreage.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6757L\n Pantheon Resources PLC\n 14 January 2021\n \n \n \n \n \n \n \n \n \n \n 14 January, 2021\n \n \n \n \n \n \n \n \n Pantheon Resources plc\n \n \n Acquisition of New Acreage \n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration company with working interests of 89.2% - 100% in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, is pleased to provide the following update:\n \n \n Acquisition of New Acreage\n \n \n Pantheon is pleased to announce the successful acquisition of a 100% interest in approximately 66,000 acres in the\n \n State of Alaska's\n \n North Slope Areawide Lease Sale. The new leases are strategically positioned in two areas contiguous to our current acreage on our northwestern, western, and eastern boundaries. Pantheon's acreage now totals approximately 160,000 contiguous acres. \n \n \n \n \n \n Pantheon had a competitive advantage in bidding for this acreage given it owns over 600,000 acres of proprietary 3D seismic covering the entire area, which is not available to any 3rd\n \n parties. These lease additions are a direct result of detailed technical work completed by Pantheon and its consultants at eSeis over the past year, including comprehensive Hi-Tech Geophysical evaluation of the area. Management believe the new acreage offers significant potential for the Company.\n \n \n \n \n \n Pantheon's winning bids averaged\n \n $49.43\n \n per acre. When the leases are officially awarded by the\n \n State of Alaska, estimated in six to 12 months, they will come with a 10-year initial term, an annual rental of\n \n $10\n \n per acre, and a royalty rate of either 12.5% (41 leases) or 16.67% (five leases). \n \n \n \n \n \n Pantheon bid a cumulative amount of $3.27million and was required to deposit 20% of this at the time of the Lease Sale. The remainder of the bonus bids will be due when the leases are issued following title work by the State. The addition of this contiguous acreage west , north west and east of our Talitha Unit increases our control of the Talitha play and also increases our control over the Theta West project which is emerging as a pro...