The board of Pantheon is pleased to announce the acquisition of an additional 8% working interest in the ‘West Double A’* and ‘West West Double A’** prospects (previously referred to respectively as ‘New Prospect A’ and ‘New Prospect D’), located in Polk County, East Texas. Upon completion of the acquisition, Pantheon’s working interest in these two prospects, including the VOBM#1 discovery well, will increase from 50% to 58%. Pantheon’s working interest in its Tyler County prospects remains unchanged at 50% and its working interest in ‘New Prospect E’ remains unchanged at 25%.
Purchase consideration for the 8% working interest comprises an up front cash payment of US$6.5m, plus an additional 20% of the drilling and completion costs of the VOBM#2H and VOBM#3H wells, estimated to be between US$1.0m and US$1.25m per well. In relation to the 8% working interest acquired, Pantheon will benefit from an accelerated payback mechanism whereby it will receive a 2.5x uplift on production revenues until such time as the acquisition cost has been recouped, at which point revenues will revert back to an 8% revenue interest.
The opportunity to acquire this additional working interest at a favourable price has arisen as a result of an internal reorganisation within the privately-owned Vision group. By mutual agreement no third parties have been involved. The transaction maintains the confidentiality of intellectual property within the group, minimises mid-drilling disruption and reinforces the excellent established relationship between Pantheon and Vision.
石油圈
