Pantheon Resources PLC Director/PDMR Notification (7237K)
August 30 2023 - 1:00AM
UK Regulatory
TIDMPANR
RNS Number : 7237K
Pantheon Resources PLC
30 August 2023
30 August 2023
Pantheon Resources plc
Director/PDMR Notification
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 adjacent and near to transportation and
pipeline infrastructure on the Alaska North Slope announces that
David Hobbs, Executive Chairman and PDMR of the Company, has
purchased 1,000,000 shares on market at an average price of
GBP0.16411 per share. Following the purchase his ultimate
beneficial ownership increases to 2,717,229 shares, representing
0.30% of the Company's total voting rights. This announcement,
including the notification below, is made in accordance with the
requirements of the EU Market Abuse Regulation.
Details of the transaction are reported in the PDMR Notification
below:
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Hobbs
----------------------------------------- -------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Executive Chairman
----------------------------------------- -------------------------------
b) Initial notification/Amendment Initial Notification
----------------------------------------- -------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
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a) Name Pantheon Resources plc
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b) LEI 213800SWHY5DNQS64J23
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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 shares of 1 pence
instrument, type of instrument each fully paid
ISIN: GB00B125SX82
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c) Currency GBP
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d) Price(s) and volumes(s) Price(s) Volume(s)
----------------------------------------- ---------------- -------------
GBP0.16411 1,000,000
--------------------------------------------------------------- -------------
e) Aggregated information As above
- Aggregated volume
- Price
----------------------------------------- -------------------------------
f) Date of the transaction 29 August 2023
----------------------------------------- -------------------------------
g) Place of the transaction London Stock Exchange - AIM
market
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-ENDS-
Further information, please contact:
+44 20 7484
Pantheon Resources plc 5361
David Hobbs, Executive Chairman
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor, James Asensio, Gordon +44 20 7523
Hamilton 8000
BlytheRay
+44 20 7138
Tim Blythe, Megan Ray, Matthew Bowld 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 193,000 acres. Management estimates these
fields to produce Expected Ultimate Recovery of contingent
resources amounting to some 2 billion barrels of marketable liquids
to be delivered through the Trans Alaska Pipeline System ("TAPS").
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 preparation of an
Independent Expert Report for the Ahpun Field.
Pantheon's stated objective is to demonstrate sustainable market
recognition of a value of $5-$10/bbl of recoverable resources by
end 2028. This will require targeting Final Investment Decision
("FID") on the Ahpun field by the end of 2025, building production
to 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.
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END
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