REG - Pantheon Resources - Partial Conversion of Unsecured Convertible Bonds

Pantheon ResourcesAnnouncement

04/05/2022 07:00

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RNS Number : 1993K  Pantheon Resources PLC  04 May 2022

4(th) May 2022

 

Pantheon Resources plc

Partial Conversion of Senior Unsecured Convertible Bonds Due 2026

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 spanning
c. 153,000 acres adjacent and near to transportation and pipeline
infrastructure on the Alaska North Slope, announces that the holder of its
senior unsecured convertible bonds due 2026 (the "Convertible Bonds") has
exercised conversion rights in respect of US$3.8 million in principal amount
of the Convertible Bonds.

As a result of such exercise of conversion rights, Pantheon has issued and
allotted 3,681,457 new ordinary shares of £0.01 each (the "New Ordinary
Shares") in the Company. The New Ordinary Shares will rank pari passu with
the existing Ordinary Shares in the Company.  Accordingly, the principal
remaining under the Convertible Bonds will be reduced by US$3.8
million to US$46.55 million.

An application has been made to the London Stock Exchange for the New
Ordinary Shares to be admitted to trading on AIM ("Admission") and it is
expected that Admission will become effective, and trading will commence on or
before 8.00 a.m. on 6(th) May 2022. Following Admission, the total number of
Ordinary Shares in issue, and therefore the total number of voting rights,
will be 760,505,988.

- ENDS -

 

Further information:

 

 Pantheon Resources plc                                             +44 20 7484 5361
 Jay Cheatham, CEO
 Justin Hondris, Director, Finance and Corporate Development
 Canaccord Genuity Limited (Nominated Adviser and broker)
 Henry Fitzgerald-O'Connor, James Asensio                           +44 20 7523 8000
 BlytheRay
 Tim Blythe, Megan Ray, Alice McLaren, Madeleine Gordon-Foxwell     +44 20 7138 3204

 

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas company focused on
several large projects located on the North Slope of Alaska ("ANS"),
onshore USA where it has a 100% working interest in 153,000 highly
prospective acres with potential for multi billion barrels of oil recoverable.
A major differentiator to other ANS projects is its close proximity to
transport and pipeline infrastructure which offers a significant competitive
advantage to Pantheon, allowing for materially lower capital costs and much
quicker development times. The Group's stated objective is to create material
value for its stakeholders through oil exploration, appraisal and development
activities in high impact, highly prospective conventional assets, in
the USA; a highly established region for energy production with
infrastructure, skilled personnel and low sovereign risk. All operations are
onshore USA, with drilling costs materially below that of offshore wells.

 

 

For further information on Pantheon Resources plc, see the website
at: www.pantheonresources.com (http://www.pantheonresources.com)

 

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

 

 

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