REG - Pantheon Resources - Director/PDMR notification

Pantheon ResourcesAnnouncement

01/02/2024 07:15

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RNS Number : 6129B  Pantheon Resources PLC  01 February 2024

1 February 2024

Pantheon Resources plc

Director/PDMR notification

 

Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the Company"), the oil and
gas company with a 100% working interest in the Kodiak and Ahpun projects,
collectively spanning 193,000 contiguous acres in close proximity to pipeline
and transportation infrastructure on Alaska's North Slope, is pleased to
announce that further to the announcement of 14 November 2023, the New
Ordinary Shares have admitted to trading on AIM on 31 January 2024.

 

As part of the Placement, IPGL subscribed for 10,857,562 New Ordinary Shares
at the Placement Price of 20.80p and David Hobbs, Pantheon's Executive
Chairman, agreed to acquire shares from IPGL immediately following closing of
the Placement, which has now occurred. Accordingly, David Hobbs has purchased
980,455 shares from IPGL at the Placement Price. Following the purchase, his
ultimate beneficial ownership increases to 3,697,684 shares, representing 0.4%
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)

     20.80p                                                                                    980,455

 e)  Aggregated information                                       As above

     -      Aggregated volume

     -      Price

 f)  Date of the transaction                                      31 January 2024
 g)  Place of the transaction                                     Off market trade

 

All capitalised terms have the same meaning as in the Company's announcement
of 14 November 2023, unless stated otherwise.

-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)         +44 20 7523 8000
 Henry Fitzgerald-O'Connor

 James Asensio

 Ana Ercegovic

 BlytheRay                                                    +44 20 7138 3204
 Tim Blythe

 Megan Ray

 Matthew Bowld

 

 

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 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.

 

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 estimates for the Ahpun Field.

 

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