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RNS Number : 0303J Pantheon Resources PLC 02 April 2024
02 April 2024
Pantheon Resources plc
Director/PDMR Notification
Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and
gas company with a 100% working interest in all of its oil projects adjacent
and near to transportation and pipeline infrastructure on the Alaska North
Slope announces that following a pro-rata in-specie distribution of all
Pantheon ordinary shares owned by Ursa Major Holdings LLC to its underlying
members and their designees, Robert Rosenthal, Technical Director, received
514,063 ordinary shares, and Jeremy Brest, Non-executive Director, received
942,905 ordinary shares on 28 March, 2024.
Following the distribution, Mr Rosenthal's ultimate beneficial ownership is
1,867,821 ordinary shares, representing 0.20% of the Company's total voting
rights and Mr Brest's ultimate beneficial ownership is 2,322,608 shares
representing 0.25% of the Company's total voting rights. This announcement,
including the notification below, is made in accordance with the requirements
of the EU Market Abuse Regulation.
Details of the transaction are reported in the PDMR Notification below:
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Robert Rosenthal
2 Reason for the notification
a) Position/status Technical Director
b) Initial notification/Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Pantheon Resources plc
b) LEI 213800SWHY5DNQS64J23
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 pence each fully paid
ISIN: GB00B125SX82
c) Currency GBP
d) Price(s) and volumes(s) Price(s) Volume(s)
nil 514,063
e) Aggregated information
- Aggregated volume
- Price As above
f) Date of the transaction 28 March 2024
g) Place of the transaction Off market transfer - in specie distribution of shares to underlying
beneficiary.
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Jeremy Brest
2 Reason for the notification
a) Position/status Non-executive director
b) Initial notification/Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Pantheon Resources plc
b) LEI 213800SWHY5DNQS64J23
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 pence each fully paid
ISIN: GB00B125SX82
c) Currency GBP
d) Price(s) and volumes(s) Price(s) Volume(s)
nil 942,905
e) Aggregated information As above
- Aggregated volume
- Price
f) Date of the transaction 28 March 2024
g) Place of the transaction Off market transfer - in specie distribution of shares to underlying
beneficiary.
-ENDS-
Further information, please contact:
Pantheon Resources plc +44 20 7484 5361
David Hobbs, Executive Chairman
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate Development
Canaccord Genuity plc (Nominated Adviser and broker)
Henry Fitzgerald-O'Connor, James Asensio, Ana Ercegovic +44 20 7523 8000
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld +44 20 7138 3204
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas company focused on
developing the Ahpun and Kodiak fields located on state land on the Alaska
North Slope ("ANS"), onshore USA, where it has a 100% working interest in c.
193,000 acres. In December 2023, Pantheon was the successful bidder for an
additional 66,240 acres with very significant resource potential, contiguous
to the Ahpun and Kodiak projects. Following the issue of the new leases,
which are expected to be formally awarded in summer 2024 upon payment of the
balance of the application monies, the Company will have a 100% working
interest in c. 259,000 acres. Certified contingent resources attributable to
these projects exceeds 1 billion barrels of marketable liquids, located
adjacent to Alaska's Trans Alaska Pipeline System ("TAPS").
Pantheon's stated objective is to demonstrate sustainable market recognition
of a value of $5-$10/bbl of recoverable resources by end 2028. This is based
on targeting Final Investment Decision ("FID") on the Ahpun field by the end
of 2025, subject to regulatory approvals, building production to at least
20,000 barrels per day of marketable liquids into the TAPS main oil line, and
applying the resultant cashflows to support the FID on the Kodiak field by
the end of 2028.
A major differentiator to other ANS projects is the close proximity to
existing roads and pipelines which offers a significant competitive advantage
to Pantheon, allowing for materially lower infrastructure costs and the
ability to support the development with a significantly lower pre-cashflow
funding requirement than is typical in Alaska.
The Company's project portfolio has been endorsed by world renowned
experts. Netherland, Sewell & Associates ("NSAI") estimate a 2C
contingent recoverable resource in the Kodiak project that total 962.5
million barrels of marketable liquids and 4,465 billion cubic feet of natural
gas. NSAI is currently working on updated estimates for the Kodiak Field to
incorporate the additional acreage, and CGA and LKA are working on estimates
for the Ahpun Field.
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