REG - Pantheon Resources - Director/PDMR Notification

Pantheon ResourcesAnnouncement

30/08/2023 07:00

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RNS Number : 7237K  Pantheon Resources PLC  30 August 2023

30 August 2023

 

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 David Hobbs, Executive Chairman and PDMR of the Company,
has purchased 1,000,000 shares on market at an average price
of £0.16411 per share. Following the purchase his ultimate beneficial
ownership increases to 2,717,229 shares, representing 0.30% 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                                                          David Hobbs
 2   Reason for the notification

 a)  Position/status                                              Executive Chairman

 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)

     £0.16411                                                                                  1,000,000

 e)  Aggregated information                                       As above

     -      Aggregated volume

     -      Price

 f)  Date of the transaction                                      29 August 2023
 g)  Place of the transaction                                     London Stock Exchange - AIM market

 

-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, Gordon Hamilton    +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
193,000 acres. Management estimates these fields to produce Expected Ultimate
Recovery of contingent resources amounting to some 2 billion barrels of
marketable liquids to be delivered through the Trans Alaska Pipeline System
("TAPS"). 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 preparation of an Independent Expert Report for the Ahpun
Field.

Pantheon's stated objective is to demonstrate sustainable market recognition
of a value of $5-$10/bbl of recoverable resources by end 2028. This will
require targeting Final Investment Decision ("FID") on the Ahpun field by the
end of 2025, building production to 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.

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