Under the Talitha Unit Agreement failure to post the bond by 15 Sept 2021 would have led to the Unit being terminated in the absence of the drilling condition being satisfied.
The company needed the Alaskan DNR to confirm in writing that the drilling condition is satisfied.
In the absence of such a confirmation a potential option for the company would have been to pay the bond, but that would have locked up valuable cash and potentially bring forward the company’s fund-raising timetable.
Another option would have been for the company to ask for an extension of the period to satisfy the condition.
Not paying the bond in the absence of the DNR’s confirmation would not have been a good option as that would have left open the argument that the drilling condition was not satisfied and that the unit was terminated.
This letter from the DNR confirming the drilling requirements have been met and the bond is no longer required is the best possible outcome for Pantheon Great Bear and is excellent news.
It also serves as yet another demonstration of the Alaskan regulator's constructive approach to Pantheon Great Bear and its projects.
It's yet another demonstration that Pantheon's project is in an established and stable legal jurisdiction in which the regulator acts fairly, properly and with integrity.
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