- Pantheon Resources said it had agreed to acquire Kaiser Francis's controlling stake in Vision Gas.

The deal included Vision's working interest in the VOS#1 well and associated Tyler County acreage in Texas.

As consideration for the 66.6% stake in Vision, Pantheon said it expected to issue 3.5m new shares in Pantheon to Kaiser Francis.

The acquisition remained subject to definitive documentation, which the parties were in the process of agreeing.

'This is a major and important step towards Pantheon's stated strategy of acquiring 100% ownership of the Tyler and Polk County projects,' chief executive Jay Cheatham said.

At 2:01pm: [LON:PANR] Pantheon Resources PLC share price was -0.65p at 17.35p

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