REG - Pantheon Resources - Director Subscription and Total Voting Rights

Pantheon ResourcesAnnouncement

31/10/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241031:nRSe3170Ka&default-theme=true

RNS Number : 3170K  Pantheon Resources PLC  31 October 2024

31 October 2024

 

 

 

Pantheon Resources plc

Director Subscription and Total Voting Rights

 

Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the Company"), developing
the Kodiak and Ahpun oil fields in close proximity to pipeline and
transportation infrastructure on Alaska's North Slope, today announces that
the Executive Chairman and all Non-Executive Directors have agreed to
subscribe for a total of £55,480 of new ordinary shares in the Company (the
"Director Subscription").

 

The Director Subscription will result in the issue and allotment of a total of
261,696 new ordinary shares (the "Subscription Shares") at an issue price of
£0.212 per ordinary share, being the closing price on 30 October 2024.

 

The Director Subscription is summarised in the table below.

 

 Director                                          Current ultimate beneficial ownership((1))  Number of Subscription Shares  Resultant ultimate beneficial ownership

                                                   (ordinary shares)                                                          (ordinary shares)
 David Hobbs, Executive Chairman                   4,040,238                                   70,754                         4,110,992
 Linda Havard, Non-Executive Director              45,673                                      51,886                         97,559
 Jeremy Brest, Non-Executive Director              2,550,977                                   103,773                        2.654,750
 Allegra Hosford Scheirer, Non-Executive Director  22,836                                      35,283                         58,119

 

((1)) Includes shares beneficially held through private companies

 

Separately, the Company notes a typographical error in the disclosure for
Robert Rosenthal, Technical Director's holdings as disclosed on 23 October
2024. Mr. Rosenthal's correct shareholding is 2,096,190 ordinary shares,
7,575,000 share options with an average exercise price of £0.54 and 953,752
Restricted Stock Units.

 

Admission to Trading and Total Voting Rights

 

Application is being made to the London Stock Exchange plc for the
Subscription Shares to be admitted to trading on AIM. It is expected that
Admission will become effective and that dealings in the Subscription Shares
on AIM will commence at 8:00 a.m. on or around 8 November 2024 ("Admission").

 

Immediately following Admission, the Company's enlarged issued share capital
admitted to trading on AIM will consist of 1,130,260,635 ordinary
shares, with each share carrying the right to one vote. The Company does not
hold any Ordinary Shares in treasury. The total voting rights figure
of 1,130,260,635 may be used by shareholders (and others with notification
obligations) as the denominator for the calculations by which they will
determine whether they are required to notify their interest in, or a change
to their interest in, the Company under the Disclosure Guidance and
Transparency Rules.

 

For further information, please contact:

 

UK Corporate and Investor Relations Contact
Pantheon Resources plc

Justin Hondris

+44 20 7484 5361
contact@pantheonresources.com (mailto:contact@pantheonresources.com)

 

Nominated Adviser and Broker

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond

+44 20 7523 8000

 

Public Relations Contact
BlytheRay

Tim Blythe, Megan Ray, Matthew Bowld

+44 20 7138 3204

 

USA Investor Relations Contact

MZ Group

Lucas Zimmerman, Ian Scargill

+1 949 259 4987
PTHRF@mzgroup.us (mailto:PTHRF@mzgroup.us)

 

About Pantheon Resources

Pantheon Resources plc is an AIM listed Oil & Gas company focused on
developing its 100% owned Ahpun and Kodiak fields located on State of
Alaska land on the North Slope, onshore USA. Independently certified best
estimate contingent recoverable resources attributable to these projects
currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated
natural gas. The Company owns 100% working interest in c. 259,000 acres.

 

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 bringing the Ahpun field forward to FID and producing into the TAPS main
oil line (ANS crude) by the end of 2028. The Gas Sales Precedent Agreement
signed with AGDC provides the potential for Pantheon's natural gas to be
produced into the proposed 807mile pipeline from the North Slope to
Southcentral Alaska during 2029. Once the Company achieves financial
self-sufficiency, it will apply the resultant cashflows to support the FID on
the Kodiak field planned, subject to regulatory approvals, targeted by the
end of 2028 or early 2029.

 

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 shorter development timeframes, materially lower
infrastructure costs and the ability to support the development with a
significantly lower pre-cashflow funding requirement than is typical
in Alaska. Furthermore, the low CO2 content of the associated gas allows
export into the planned natural gas pipeline from the North Slope to
Southcentral Alaska without significant pre-treatment.

 

The Company's project portfolio has been endorsed by world renowned
experts. Netherland, Sewell & Associates estimate a 2C contingent
recoverable resource in the Kodiak project that total 1,208 mmbbl of ANS
crude and 5,396 bcf of natural gas. Cawley Gillespie &
Associates estimate 2C contingent recoverable resources for Ahpun's western
topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee
Keeling & Associates estimated possible reserves and 2C contingent
recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural
gas.

 

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 1   Details of the person discharging managerial responsibilities / person closely
     associated

 a)  Name                                                         a.    David Hobbs

                                                                  b.   Linda Havard

                                                                  c.    Jeremy Brest

                                                                  d.   Allegra Hosford Scheirer

 2   Reason for the notification

 a)  Position/status                                              a.    Executive Chairman

                                                                  b.   Non-executive Director

                                                                  c.    Non-executive Director

                                                                  d.   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

                                                                  ISIN: GB00B125SX82

 b)  Nature of the transaction                                    Subscription for new ordinary shares

 c)  Price(s) and volumes(s)                                      a.   70,754 ordinary shares @ £0.212 /share

                                                                  b.   51,886 ordinary shares @ £0.212 /share

                                                                  c.   103,773 ordinary shares @ £0.212 share

                                                                  d.   35,283 ordinary shares @ £0.212 /share
 d)  Aggregated information                                       N/A (single transaction)

     -      Aggregated volume

     -      Price

 e)  Date of the transaction                                      30 October, 2024
 f)  Place of the transaction                                     Outside of a trading venue

 

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  DSHFFFSLIFLIVIS