1 February
2024
Pantheon
Resources plc
Director/PDMR
notification
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 in close proximity to pipeline
and transportation infrastructure on Alaska's North Slope, is
pleased to announce that further to the announcement of 14 November
2023, the New Ordinary Shares have admitted to trading on AIM on 31
January 2024.
As part of the Placement, IPGL
subscribed for 10,857,562 New Ordinary Shares at the Placement
Price of 20.80p and David Hobbs, Pantheon's Executive Chairman,
agreed to acquire shares from IPGL immediately following closing of
the Placement, which has now occurred. Accordingly, David Hobbs has
purchased 980,455 shares from IPGL at the Placement Price.
Following the purchase, his ultimate beneficial ownership increases
to 3,697,684 shares, representing 0.4% 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
|
|
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 of 1 pence each
fully paid
ISIN: GB00B125SX82
|
|
c)
|
Currency
|
GBP
|
|
d)
|
Price(s) and volumes(s)
|
Price(s)
|
Volume(s)
|
|
20.80p
|
980,455
|
|
e)
|
Aggregated information
- Aggregated
volume
- Price
|
As above
|
|
f)
|
Date of the transaction
|
31 January 2024
|
|
g)
|
Place of the transaction
|
Off market trade
|
All capitalised terms have the same
meaning as in the Company's announcement of 14 November 2023,
unless stated otherwise.
-ENDS-
Further information, please contact:
|
Pantheon Resources plc
|
+44 20 7484 5361
|
|
David Hobbs, Executive
Chairman
Jay Cheatham, CEO
|
|
|
Justin Hondris, Director, Finance
and Corporate Development
|
|
|
|
|
|
|
|
|
Canaccord Genuity
plc (Nominated Adviser and broker)
|
+44 20 7523 8000
|
|
Henry Fitzgerald-O'Connor
James Asensio
Ana Ercegovic
|
|
|
|
|
|
BlytheRay
|
+44 20 7138 3204
|
|
Tim Blythe
Megan Ray
Matthew Bowld
|
|
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 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.
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.