Pantheon Resources PLC Conversion of Shares (8196G)
July 29 2021 - 1:00AM
UK Regulatory
TIDMPANR
RNS Number : 8196G
Pantheon Resources PLC
29 July 2021
29 July, 2021
Pantheon Resources plc
Conversion of Shares
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with a 100% working
interest in a number of oil projects adjacent to transportation and
pipeline infrastructure on the Alaska North Slope, announces that
it has received a notice of conversion, on a one to one basis, for
all 33,890,478 of the 33,890,478 ordinary shares not carrying
voting rights ("Non-Voting Shares") into ordinary shares carrying
voting rights ("Voting Ordinary Shares") in the Company (the
"Conversion"). The Conversion will be effective on Admission (as
defined below).
The Non-Voting Shares were originally issued as part of the
purchase consideration for the Great Bear Companies in January
2019, as previously announced. The Non-Voting Shares are
convertible into Voting Ordinary Shares, on a one-for-one
basis.
Application has been made to AIM for the admission to trading of
the 33,890,478 new Voting Ordinary Shares resulting on the
Conversion, which is expected at 8.00 am on 3 August 2021
("Admission").
The Company's enlarged issued share capital admitted to trading
on AIM immediately following Admission will consist of 693,258,674
Voting Ordinary Shares and nil Non-Voting Shares. The
aforementioned figure of 693,258,674 Voting Ordinary Shares may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in,
Pantheon under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
The Non-Voting Shares were held in the name of Great Bear
Petroleum Operating, LLC ("GBPO") and GBPO has been instructed to
make the Conversion at the direction of CHONS LLC ("CHONS"). The
Voting Shares to be issued pursuant to the Conversion will
initially be in name of GBPO and GBPO has indicated its intention
of then transferring them to CHONS.
-Ends-
Further information:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor, James Asensio +44 20 7523 8000
Blytheweigh
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
over 160,000 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.
The Company has received Independent Expert Reports certifying a
Contingent Resource of 76.5MMBO (million barrels of oil)
recoverable on its Greater Alkaid project and management have
estimated Contingent Resources of 1.4 billion barrels of oil at
Theta West and 404 million barrels of oil in the Shelf Margin
Deltaic horizon.
Information contained within this RNS is considered to be inside
information prior to its announcement. For further information on
Pantheon Resources plc, see the website at:
www.pantheonresources.com . The information contained within this
RNS is considered to be inside information prior to its release.
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) incorporated into, or forms part of, this
announcement.
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END
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