UK-based oil and gas exploration company Pantheon Resources has signed a contract with Halliburton to acquire the latter’s 25% working interest in six joint leases on the North Slope of Alaska.
Halliburton will transfer its complete interests in the leases under the agreement. In exchange, Pantheon will accept sole responsibility for all the future lease obligations.
The agreement is subject to a customary approval process by the State of Alaska Department of Natural Resources.
As part of the transaction, Pantheon now holds a 100% interest in the 22,804 acres that form the Alkaid/Phecda project.
The company also holds a 92% working interest in two additional adjacent leases that consist of 11,367 gross acres.
Once the transaction closes, Pantheon will own between 90% and 100% in approximately 177,000 gross acres containing potential for 1.2 billion barrels of oil recoverable, located close to the North Slope of Alaska’s major highway and pipeline infrastructure.
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By GlobalDataPantheon also holds a 10% interest in the Winx acreage, additionally covering nearly 23,000 gross acres.
Pantheon Resources CEO Jay Cheatham said: “Alkaid is a tremendous success for our company, and this transaction delivers us 100% ownership of the Alkaid/Phecda project which contains an estimated 900 million barrels of oil in place, and a P50 Technically Recoverable Resource estimated at 90-135 million barrels of oil, based upon primary recovery assumptions of 10% to 15%.
“The location of this project, sitting immediately below and adjacent to the Dalton Highway and Trans Alaskan Pipeline offers significant cost and timing advantages over other North Slope Projects, with the possibility of year-round activity and targeted first production as early as 2020.”
In January, Pantheon Resources signed an agreement with Kaiser Francis and associated limited partners (KF) to acquire the 66.6% ownership held by Pantheon in Vision Gas and Vision Resources (Vision).
