REG - Pantheon Resources - Placing to raise $10 Million

Pantheon ResourcesAnnouncement

15/01/2026 10:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260115:nRSO0736Pa&default-theme=true

RNS Number : 0736P  Pantheon Resources PLC  15 January 2026

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA,
JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA, NOR IS IT TO BE
TRANSMITTED OR DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN
OF ANY SUCH COUNTRIES OR OF ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR
REGULATIONS. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("MAR").

 

15 January 2026

 

Pantheon Resources plc

 

Placing to raise $10 Million

for Planned Flow Testing of Dubhe-1 and Seismic Reprocessing at Kodiak

 

Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company
developing the Kodiak and Ahpun projects near pipeline and transportation
infrastructure on Alaska's North Slope, is pleased to announce that it has
raised $10 million of new capital (before expenses) by way of a conditional
placing (the "Fundraise") of new Ordinary Shares at a price of 7.0 pence per
share (the "Issue Price") to support near-term appraisal activities across the
Ahpun and Kodiak projects and for general working capital.

 

The proceeds help underpin the Company's plans for the Dubhe-1 testing which
include the acquisition and analysis of new and existing well data, preparing
procedures for a cost effective and productivity enhancing start-up leading to
resumption of the flow testing programme.

 

Resumption of Dubhe-1 testing represents an important step towards the
commercialisation of an estimated ~282 million barrel liquid contingent (2C)
resource((1)) in the Shelf Margin Deltaic reservoir, and ultimately, the
overall greater than 500 million barrel contingent (2C) resource((2)) in the
Greater Ahpun Area. It would also underpin the gas offtake precedent agreement
with the State of Alaska.

 

In addition, remaining proceeds will be allocated to reprocessing existing
Kodiak seismic data to deliver higher-quality reservoir imaging, supporting
the potential for drilling of an appraisal well possibly as early as the
2026/27 winter season and subject to further financing.  The Kodiak resource,
currently assessed by third party independent experts((3)) at 1.2 billion
barrels of contingent (2C) recoverable liquids, with substantial upside
potential to 2.8 billion barrels (3C), has already attracted industry
interest. There are currently several parties in farm-out discussions with the
Company, and the reprocessed seismic is expected to further strengthen the
Company's position in any such farm-out discussions.

 

(1) Source: Ahpun Topset Independent Expert Report from Cawley, Gillespie
& Associates, Inc. ("CG&A") (see Company announcement 11 June 2024)

(2) Source: CG&A Estimate plus Management Ahpun Resource Updates (see
Company announcement 8 September 2025)

(3) Source: Kodiak Independent Expert Report from Netherland Sewell &
Associates, Inc. (see Company announcement 9 April 2024)

 

The placing (the "Placing") of 106,209,678 new Ordinary Shares
(the "Placing Shares" or "New Ordinary Shares") has been conducted by Oak
Securities as sole bookrunner ("Oak Securities" or the "Bookrunner").

 

The New Ordinary Shares, when issued, will all be credited as fully paid and
will rank pari passu in all respects with the existing Ordinary Shares,
including the right to receive all dividends and other distributions declared,
made or paid on or in respect of such shares after the date of issue.

 

Application will be made to London Stock Exchange plc for admission of the
106,209,678 New Ordinary Shares to trading on AIM ("Admission") and it is
expected that Admission will take place at 8.00 ‎a.m. (London time) on or
around 22 January 2026 (or such later time and/or date as may be agreed
between the ‎Company and the Bookrunner, being not later than 8.00 ‎a.m.
(London time) on 30 January 2026). The Fundraise is conditional upon, inter
alia, Admission ‎becoming effective and the Placing Agreement not otherwise
being ‎terminated in accordance with its terms.

 

Max Easley, Chief Executive Officer, said: "Today's financing further enables
our forward programme at Dubhe-1. Prior to the suspension of testing in
December the well was exhibiting increased gas production volumes, and we are
very keen to recommence operations after pressure build-up and other analysis
has been completed. Completion of the testing programme will determine the
next steps for the development of the Ahpun asset and will potentially unlock
significant value for the Company.

 

"In addition, upgrading the seismic over the Kodiak structure now may
significantly strengthen our position in ongoing farm-out discussions.

 

"We look forward to updating shareholders on both fronts in the coming weeks."

 

 

Further information:

 

 Pantheon Resources plc
 David Hobbs, Chairman                           contact@pantheonresources.com

 Max Easley, CEO

 Justin Hondris, SVP, Investor Relations

 Oak Securities (Sole Bookrunner)                +44 20 3973 3678
 Jerry Keen

 Nick Price

 Canaccord Genuity Limited (Nominated Adviser)
 Henry Fitzgerald-O'Connor                       +44 20 7523 8000

 James Asensio

 Charlie Hammond

 BlytheRay (Corporate Communications)            +44 20 7138 3204
 Tim Blythe

 Megan Ray

 Matthew Bowld

 MZ Group (USA Investor Relations Contact)       +1 949 259 4987
 Lucas Zimmerman

 Ian Scargill

 

 

Conditions relating to the Fundraise

 

The Fundraise is conditional, inter alia, upon:

 

a)   the Placing Agreement becoming unconditional in all respects (save for
Admission occurring) and not having been terminated in accordance with its
terms;

 

b)   Admission becoming effective by no later than 8.00 a.m. on 22 January
2026 (or such later time and/or date as the Company and Bookrunner may agree
(being not later than 8.00 a.m. on 30 January 2026).

 

Accordingly, if such conditions are not satisfied or, if applicable, waived,
or the Placing Agreement is terminated the Fundraise will not proceed.

 

The Fundraise is not underwritten by Oak Securities or any other person.

 

 

Settlement and dealings

 

The New Ordinary Shares will be in registered form and will be capable of
being held in either certificated or uncertificated form (i.e. in CREST).
Accordingly, following Admission, settlement of transactions in the Ordinary
Shares may take place within the CREST system if a Shareholder so wishes.

 

The ISIN number of the New Ordinary Shares is GB00B125SX82. The TIDM is PANR.

 

 

Total Voting Rights

 

Immediately following Admission, the Company's issued share capital will be
1,454,327,311 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 immediately following Admission of 1,454,327,311 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.

 

 

Working Capital

 

Based on the use of funds set out above, the Company expects that the
Fundraise, together with existing cash resources, will provide sufficient
working capital for the Group until Q4 2026.

 

 

Risk Factors

 

Any investment in the Company is subject to a number of material risks and
uncertainties. Accordingly, prospective investors should carefully consider
the material operational, engineering, geological, commodity price, political,
financing, liquidity, foreign exchange, resource estimation and other risks of
investing in an AIM-quoted company operating in the natural resources sector,
other information contained in this Announcement and any other publicly
available information about the Company before making a decision whether to
invest in the Company.

 

Before making an investment, prospective investors are strongly advised to
consult an investment adviser authorised under the Financial Services and
Markets Act 2000, as amended ("FSMA") who specialises in investments of this
kind. A prospective investor should consider carefully whether an investment
in the Company is suitable in the light of his or her personal circumstances,
the financial resources available to him or her and his or her ability to bear
any loss which might result from such investment.

 

 

IMPORTANT INFORMATION

 

This Announcement is released by Pantheon Resources plc and contains inside
information for the purposes of Article 7 of UK MAR. It is disclosed in
accordance with the Group's obligations under Article 17 of UK MAR.

 

No action has been taken by the Group or the Bookrunner, or any of their
respective affiliates, that would, or which is intended to, permit a public
offer of the New Ordinary Shares in any jurisdiction or the possession or
distribution of this Announcement or any other offering or publicity material
relating to the New Ordinary Shares in any jurisdiction where action for that
purpose is required. Any failure to comply with these restrictions may
constitute a violation of the securities laws of such jurisdictions. Persons
into whose possession this Announcement comes shall inform themselves about,
and observe, such restrictions.

 

No prospectus has been made available in connection with the matters contained
in this Announcement and no such prospectus is required (in accordance with
the Prospectus Regulation) to be published.

 

The New Ordinary Shares will not be admitted to trading on any stock exchange,
other than the AIM market operated by London Stock Exchange plc.

 

Neither the content of the Company's website nor any website accessible by
hyperlinks on the Company's website is incorporated in, or forms part of, this
Announcement.

 

This Announcement may contain "forward-looking statements" with respect to
certain of the Company's plans and its current goals and expectations relating
to its future financial condition, performance, strategic initiatives,
objectives and results. Forward-looking statements sometimes use words such as
"aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal",
"believe", "seek", "may", "could", "outlook" or other words of similar
meaning. By their nature, all forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances which are
beyond the control of the Company, including amongst other things, risks
associated with the oil and gas industry in general (e.g. operational risks in
exploration, development and production; the uncertainty of reserve estimates;
and health, safety and environmental risks), constraint in the availability of
services or equipment, commodity price fluctuations, changes in legislation
impacting the oil and gas industry, adverse weather conditions and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures, United
Kingdom domestic and global economic business conditions, market-related
risks such as fluctuations in interest rates and exchange rates, the policies
and actions of governmental and regulatory authorities, the effect of
competition, inflation, deflation, the timing effect and other uncertainties
of future acquisitions or combinations within relevant industries, the effect
of tax and other legislation and other regulations in the jurisdictions in
which the Company and its respective affiliates operate, the effect of
volatility in the equity, capital and credit markets on the Company's
profitability and ability to access capital and credit, a decline in the
Company's credit ratings; the effect of operational risks; and the loss of key
personnel.

 

As a result, the actual future financial condition, performance and results of
the Company may differ materially from the plans, goals and expectations set
forth in any forward-looking statements. Any forward-looking statements made
in this Announcement by or on behalf of the Company speak only as of the date
they are made. Except as required by applicable law or regulation, the Company
expressly disclaims any obligation or undertaking to publish any updates or
revisions to any forward-looking statements contained in this Announcement to
reflect any changes in the Company's expectations with regard thereto or any
changes in events, conditions or circumstances on which any such statement is
based.

 

This Announcement has not been approved by any competent regulatory authority.

 

Merlin Partners LLP, trading as Oak Securities, is sole bookrunner to the
Company, authorised and regulated by the FCA in the United Kingdom and is
acting exclusively for the Company and no one else in connection with the
Placing and will not regard any other person (whether or not a recipient of
this Announcement) as a client in relation to the Fundraise and Admission or
any other matters referred to in this Announcement and Oak Securities will not
be responsible to anyone (including any Placees) other than the Company for
providing the protections afforded to its clients or for providing advice in
relation to the Fundraise, Admission or any other matters referred to in this
Announcement.

 

Canaccord Genuity Limited ("Canaccord") is nominated adviser to the Company,
authorised and regulated by the FCA in the United Kingdom and is acting as
the Company's Nominated Adviser exclusively for the Company and no one else in
connection with the Admission and will not regard any other person (whether or
not a recipient of this Announcement) as a client in relation to the Fundraise
and Admission or any other matters referred to in this Announcement and
Canaccord will not be responsible to anyone (including any Placees) other than
the Company for providing the protections afforded to its clients or for
providing advice in relation to the Fundraise, Admission or any other matters
referred to in this Announcement.

 

No representation or warranty, express or implied, is or will be made as to,
or in relation to, and no ‎responsibility or liability is or will be
accepted by  Oak Securities, Canaccord or by any of  their respective
‎affiliates or their affiliates' agents, directors, officers and employees,
respectively, as to, or in relation to, the accuracy or completeness of this
Announcement or any other written or oral ‎information made available to or
publicly available to any interested party or its advisers, and any
‎liability therefor (whether in tort, contract or otherwise) is expressly
disclaimed.‎

 

The responsibilities of Canaccord as the Company's Nominated Adviser under the
AIM Rules for Companies and the AIM Rules for Nominated Advisers are owed
solely to London Stock Exchange plc and are not owed to the Company or to any
director or shareholder of the Company or any other person, in respect of its
decision to acquire shares in the capital of the Company in reliance on any
part of this Announcement, or otherwise.

 

This Announcement has been issued by, and is the sole responsibility, of the
Company. No representation or warranty express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by Oak Securities, Canaccord or by any of their respective affiliates
or agents as to or in relation to, the accuracy or completeness of this
Announcement or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any liability
therefore is expressly disclaimed.

 

 

 

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  IOEBGGDBRGBDGLU



            Copyright 2019 Regulatory News Service, all rights reserved