REG - Pantheon Resources - Quarterly Repayment of Unsecured Convertible Bonds

Pantheon ResourcesAnnouncement

14/03/2024 07:00

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RNS Number : 7779G  Pantheon Resources PLC  14 March 2024

 

 

 

 

14 March 2024

 

Pantheon Resources plc

Quarterly Repayment of Unsecured Convertible Bonds

Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the Company"), the oil and
gas company with a 100% working interest in the Kodiak and Ahpun projects,
collectively spanning 193,000 contiguous acres adjacent to and in close
proximity to pipeline and transportation infrastructure on Alaska's North
Slope, announces that it has elected to pay (i) the quarterly principal
repayment of US$2.45 million and (ii) the quarterly interest payment
of US$0.294 million (collectively, the "Quarterly Repayment") in respect of
its senior unsecured convertible bonds due December 2026 (the "Convertible
Bonds"), through the issuance of new shares. Pursuant to the terms of the
Convertible Bond agreement a total of 8,820,315 new ordinary shares (the "New
Ordinary Shares") will be issued in settlement of this Quarterly Repayment.
Application is being made to AIM for the admission to trading of
the 8,820,315 New Ordinary Shares which are expected to admit on or around
19(th) March 2024 ("Admission").

 

After settlement of the Quarterly Repayment, the principal remaining under
the Convertible Bond will be reduced by US$2.45 million to US$26.95
million.

Total Voting Rights

 

Immediately following admission, the Company's enlarged issued share capital
admitted to trading on AIM will consist of 944,218,427 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 944,218,427 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.

 

 

David Hobbs, Executive Chairman, said: "Having paid the last two quarterly
convertible bond repayments in cash rather than stock, funded by private
placements to supportive long term shareholders, we have decided to satisfy
the March 2024 quarterly instalment in shares, allowing us to apply the funds
freed up towards the acquisition of 66,240 new acres awarded and announced in
December 2023, payment of which is estimated to occur in late Q2 or Q3 of this
year. As already announced, the new acres are covered by our proprietary 3D
seismic, add enormous resource potential, and are contiguous and adjacent to
Pantheon's existing acreage and will be covered in Netherland Sewell's ongoing
work on Kodiak and Ahpun. It was important to secure these extensions to our
existing Kodiak and Ahpun projects both to protect project timelines to the
extent possible and to utilise the competitive advantage of that proprietary
seismic before the scheduled public release of key tranches of the seismic
data."

-ENDS-

 

Further information, please contact:

 

 Pantheon Resources plc                                       +44 20 7484 5361
 David Hobbs, Executive Chairman

 Jay Cheatham, Chief Executive Officer
 Justin Hondris, Director, Finance and Corporate Development

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

 James Asensio

 Ana Ercegovic

 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, 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 estimates for the Ahpun Field.

 

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