Pantheon Resources PLC Operational update, PDMR & Issue of Equity (5051Q)

TIDMPANR

RNS Number : 5051Q

Pantheon Resources PLC

21 February 2023

21 February, 2023

Pantheon Resources plc

Operational update, Director/PDMR Notification, & Issue of Equity

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, is pleased to provide the following update:

Alkaid #2 - Recommencement of flow testing operations

Pantheon is pleased to announce that following the successful cleanout of the sand blockage in the wellbore, flow testing operations have now recommenced. Flow test information will only be reported after flow rates have been stabilized.

Director/PDMR Notification

Pantheon announces that on 20 February 2023, Phillip Gobe, non-executive Chairman and a person discharging managerial responsibility (PDMR) in the Company, has been issued and allotted 290,000 Ordinary Shares as a result of the conversion of 100% of his 290,000 Restricted Stock Units ("RSUs"). Following the completion of this allotment, Mr Gobe's ultimate beneficial ownership increases to 613,972 shares (representing 0.1% of the Company's total voting rights), zero RSUs and zero share options.

Accordingly, application is being made to the London Stock Exchange for the 290,000 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective, and trading will commence at 8.00 a.m. on 24 February 2023. Following Admission, the total number of Ordinary Shares in issue, and therefore the total number of voting rights, will be 778,597,724.

This announcement, including the notification below, is made in accordance with the requirements of the EU Market Abuse Regulation.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                           Phillip Gobe 
     -----------------------------  ----------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------ 
 a)   Position / status              Chairman 
     -----------------------------  ----------------------------------- 
 b)   Initial notification           Initial Notification 
       / amendment 
     -----------------------------  ----------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------ 
 a)   Name                           Pantheon Resources plc 
     -----------------------------  ----------------------------------- 
 b)   Legal entity identifier        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    Ordinary Fully Paid shares 
       instrument, type of 
       instrument 
      Identification code            London Stock Exchange (AIM:PANR) 
     -----------------------------  ----------------------------------- 
 b)   Nature of the transaction      Conversion of 290,000 Restricted 
                                      Stock Units into 290,000 ordinary 
                                      shares 
     -----------------------------  ----------------------------------- 
 c)   Currency                       GBP 
     -----------------------------  ----------------------------------- 
 d)   Price(s) and volume(s)         Price: Nil 
                                      Volume: 290,000 shares 
     -----------------------------  ----------------------------------- 
 e)   Aggregated information         n/a 
     -----------------------------  ----------------------------------- 
 f)   Date of the transaction        20 February 2023 
     -----------------------------  -----------------------------------

Jay Cheatham, CEO, said : "With the sand blockage in the wellbore cleaned out and the production liner reinserted, we can now look forward to observing the potential of Alkaid #2 as the well as the well progresses through the cleanup phase. We'll report the results once flow rates have stabilized and the data is representative of the potential of the well. As I've stated a number of times, we are very happy with the potential for Alkaid #2 and are optimistic of a positive result."

-ENDS-

Further information, please contact:

 
 Pantheon Resources plc                             +44 20 7484 5361 
 Jay Cheatham, CEO 
 Justin Hondris, Director, Finance and Corporate 
  Development 
 
 Canaccord Genuity Ltd (Nominated Adviser and 
  broker) 
 Henry Fitzgerald-O'Connor 
  James Asensio 
  Gordon Hamilton                                   +44 20 7523 8000 
 
 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 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.

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