REG - Pantheon Resources - Exercise of right to increase Convertible Bonds

Pantheon ResourcesAnnouncement

28/02/2025 08:00

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RNS Number : 8757Y  Pantheon Resources PLC  28 February 2025

28 February, 2025

 

 

 

 

Pantheon Resources plc

Exercise of right to increase the aggregate amount of the Convertible Bonds
to US$35 million

 

Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and
gas exploration company with 100% working interests in certain projects
located adjacent to transportation and pipeline infrastructure on the Alaska
North Slope, announced on 26 February 2025 that it had granted to Sun Hung
Kai & Co. Limited and its affiliates, clients and funds managed or advised
by them (the "Convertible Bond Investor") the sole right to increase the
aggregate amount of senior convertible bonds due March 2028 (the
"Convertible Bonds") from $30.5 million to $35 million.

 

Further to that announcement, the Company is pleased to advise that
Convertible Bonds Investor has made the election and exercised that right to
increase the offering size of the Convertible Bonds to US$35 million. All
other terms of the Convertible Bonds as announced on 20 February 2025 remain
unchanged. The increased amount received under the Convertible Bonds will be
used for working capital, expenses and G&A.

 

David Hobbs, Chairman of Pantheon Resources, said:

 

"The upsize of the Convertible Bond will provide additional runway for the
Company to complete the flow testing in the Megrez-1 well and prepare for
future activities."

 

 

For further information, please contact:

 

UK Corporate and Investor Relations Contact

Pantheon Resources plc

Justin Hondris
contact@pantheonresources.com (about:blank)

 

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 (about:blank)

 

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 (trillion cubic feet) 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 (Alaska Gasline Development Corporation) provides the
potential for Pantheon's natural gas to be produced into the proposed 807 mile
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 (million barrels) of ANS
crude and 5,396 bcf (billion cubic feet) 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.

For more information visit www.pantheonresources.com (about:blank) .

 

 

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