31
October 2024
Pantheon Resources
plc
Director Subscription and
Total Voting Rights
Pantheon Resources plc (AIM:
PANR) ("Pantheon" or "the Company"), developing the Kodiak and
Ahpun oil fields in close proximity to pipeline and transportation
infrastructure on Alaska's North Slope, today announces that the
Executive Chairman and all Non-Executive Directors have agreed to
subscribe for a total of £55,480 of new ordinary shares in the
Company (the "Director Subscription").
The Director Subscription will
result in the issue and allotment of a total of 261,696 new
ordinary shares (the "Subscription Shares") at an issue price of
£0.212 per ordinary share, being the closing price on 30 October
2024.
The Director Subscription is
summarised in the table below.
|
Director
|
Current ultimate beneficial
ownership(1)
(ordinary
shares)
|
Number of Subscription
Shares
|
Resultant ultimate beneficial
ownership
(ordinary
shares)
|
|
David Hobbs, Executive
Chairman
|
4,040,238
|
70,754
|
4,110,992
|
|
Linda Havard, Non-Executive
Director
|
45,673
|
51,886
|
97,559
|
|
Jeremy Brest, Non-Executive
Director
|
2,550,977
|
103,773
|
2.654,750
|
|
Allegra Hosford Scheirer,
Non-Executive Director
|
22,836
|
35,283
|
58,119
|
(1) Includes shares beneficially held through private
companies
Separately, the Company notes a
typographical error in the disclosure for Robert Rosenthal,
Technical Director's holdings as disclosed on 23 October 2024. Mr.
Rosenthal's correct shareholding is 2,096,190 ordinary shares,
7,575,000 share options with an average exercise price of £0.54 and
953,752 Restricted Stock Units.
Admission to Trading and Total Voting Rights
Application is being made to the
London Stock Exchange plc for the Subscription Shares to be
admitted to trading on AIM. It is expected that Admission will
become effective and that dealings in the Subscription Shares on
AIM will commence at 8:00 a.m. on or around 8 November 2024
("Admission").
Immediately following Admission, the
Company's enlarged issued share capital admitted to trading on AIM
will consist of 1,130,260,635 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 1,130,260,635 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.
For further information, please
contact:
UK
Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
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 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 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 provides the potential
for Pantheon's natural gas to be produced into the proposed 807mile
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 of ANS crude
and 5,396 bcf 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.
NOTIFICATION AND PUBLIC DISCLOSURE
OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
AND PERSONS CLOSELY ASSOCIATED WITH THEM
|
1
|
Details of the person discharging
managerial responsibilities / person closely associated
|
|
a)
|
Name
|
a.
David Hobbs
b. Linda Havard
c.
Jeremy Brest
d. Allegra Hosford Scheirer
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
a.
Executive Chairman
b. Non-executive Director
c.
Non-executive Director
d. Non-executive Director
|
|
b)
|
Initial
notification/Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission
allowance market participant, auction platform, auctioneer or
auction monitor
|
|
a)
|
Name
|
Pantheon Resources plc
|
|
b)
|
LEI
|
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
instrument, type of instrument
|
Ordinary Shares
ISIN: GB00B125SX82
|
|
b)
|
Nature of the transaction
|
Subscription for
new ordinary
shares
|
|
c)
|
Price(s) and volumes(s)
|
a. 70,754 ordinary shares @ £0.212 /share
b. 51,886 ordinary shares @ £0.212
/share
c. 103,773
ordinary shares @ £0.212 share
d. 35,283 ordinary shares @ £0.212
/share
|
|
d)
|
Aggregated information
-
Aggregated volume
-
Price
|
N/A (single transaction)
|
|
e)
|
Date of the transaction
|
30 October,
2024
|
|
f)
|
Place of the transaction
|
Outside of a trading
venue
|