REG - Pantheon Resources - Director/PDMR Notification

Pantheon ResourcesAnnouncement

02/04/2024 16:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240402:nRSB0303Ja&default-theme=true

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHFLFLESAIFIIS