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Oil and gas exploration company Pantheon Resources has received formal approval from the Alaska Department of Natural Resources for the acquisition of 100% of the share capital of Borealis Alaska.
Borealis owns a 10.8% working interest in each of the 16 leases in the Talitha Unit and thus the completion of this transaction increases Pantheon's working interest in the Talitha Unit from 89.2% to 100% with Pantheon's net revenue interest increasing from 77.05% to 86.0%.
Jay Cheatham, CEO of Pantheon Resources, said: "We are extremely pleased to complete this transaction announced in January, especially considering the drilling results over the past weeks.
Following completion, Pantheon will now have a 100% working interest in not only Talitha, but all of its Alaska North Slope projects which collectively span some 160,000 contiguous acres, over 90% of which is covered by proprietary 3D seismic.
At 2:29pm: (LON:PANR) Pantheon Resources PLC share price was 0p at 40p