28
February, 2025
Pantheon Resources
plc
Exercise of right to increase
the aggregate amount of the Convertible Bonds to US$35
million
Pantheon Resources
plc ("Pantheon" or the
"Company"), the AIM-quoted
oil and gas exploration company with 100% working interests in
certain projects located adjacent to transportation and pipeline
infrastructure on the Alaska North Slope, announced on 26
February 2025 that it had granted to Sun Hung Kai & Co.
Limited and its affiliates, clients and funds managed or advised by
them (the "Convertible Bond Investor") the sole right to
increase the aggregate amount of senior convertible bonds
due March 2028 (the "Convertible Bonds") from $30.5 million to $35
million.
Further to that announcement, the
Company is pleased to advise that Convertible Bonds Investor has
made the election and exercised that right to increase the offering
size of the Convertible Bonds to US$35 million. All other
terms of the Convertible Bonds as announced on 20 February
2025 remain unchanged. The increased amount received under the
Convertible Bonds will be used for working capital, expenses and
G&A.
David Hobbs, Chairman of Pantheon Resources,
said:
"The upsize of the Convertible Bond will provide additional
runway for the Company to complete the flow testing in the Megrez-1
well and prepare for future activities."
For further information, please
contact:
UK Corporate and Investor Relations
Contact
Pantheon Resources plc
Justin Hondris
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
(trillion cubic feet) 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 (Alaska Gasline Development Corporation)
provides the potential for Pantheon's natural gas to be produced
into the proposed 807 mile 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 (million barrels) of ANS
crude and 5,396 bcf (billion cubic feet) 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.
For more information visit
www.pantheonresources.com.
