Pantheon buys Halliburton out of Alkaid

Kay Cashman

Petroleum News

Pantheon Resources plc, the AIM-listed oil and gas explorer that works through its affiliate Pantheon Alaska Petroleum Operating LLC on the North Slope, said Oct. 18 it has entered into an agreement with Halliburton to acquire the service company’s 25% interest it its Alkaid/Phecda prospect.

The deal gives the London-based Pantheon 100% interest in the six-lease prospect and is “important” to the company’s farm-out discussions.

“The Alkaid/Phecda project … 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 10-15%,” Pantheon’s CEO Jay Cheatham was quoted as saying in the press release.

“The location of this project, sitting immediately below and adjacent to the Dalton Highway and trans Alaska (oil) 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,” Cheatham said.

Pantheon’s data room is open and it’s working to find the right partner for the development, he said.

- KAY CASHMAN