Alaska gives ConocoPhillips a shot at drilling prized oil prospect.

ConocoPhillips could also lose the Tofkat-area leases if it accepts the state’s terms and does not drill in time, according to the 21-page decision, issued Tuesday by Natural Resources Commissioner Andy Mack. The area encompasses about 9,000 acres a few miles northeast of Nuiqsut village, extending south from ConocoPhillips’ existing Colville River Unit.