6th Nov 2019 10:41
(Alliance News) - Pantheon Resources PLC confirmed on Wednesday talks with a number of parties over an Alaska farm-out are continuing.
Pantheon previously began a process to find partners to work on its Alaskan North Slope assets, and a number of "leading" domestic and international energy firms have expressed an interest.
The company said planning and permitting for the Alkaid and Talitha wells has already started, meaning drilling would be sped up if a partner is found.
Pantheon holds a 90% to 100% interest in 177,000 gross acres of licences on the North Slope, with the potential for 1.2 billion barrels of oil.
Chief Executive Jay Cheatham said: "The farmout process is well underway and is keeping us extremely busy. We are very encouraged by the quality of parties who have visited, or are planning to visit the data room in Houston.
"Given the farmout process is a commercially sensitive one we simply cannot discuss it while it is underway. There has been over USD200 million invested in the project area to date where significant oil accumulations have been identified and a host of exploratory opportunities are continually being evaluated."
"The farmout process is designed to find a partner to evaluate the commercial potential of these accumulations and to progress the exploration, appraisal and future development efforts," he continued.
Shares were 1.1% higher on Wednesday morning in London at a price of 15.30 pence each.
By George Collard; [email protected]
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