16
September 2024
Pantheon Resources
plc
Quarterly Repayment of
Unsecured Convertible Bonds
Pantheon Resources plc (AIM:
PANR) ("Pantheon" or "the Company"), focused on development of
its Kodiak and Ahpun oil fields (owning a 100% working
interest in each), containing independently evaluated recoverable
contingent resources of c. 1.6 billion barrels ("Bbbl") of
ANS crude and 6.7 trillion cubic feet ("Tcf") of natural gas in
close proximity to pipeline and transportation infrastructure
on Alaska's North Slope, announces
that it has elected to pay (i) the quarterly
principal repayment of US$2.45 million and (ii) the
quarterly interest payment of US$0.224
million (collectively, the "Quarterly Repayment") in respect
of its senior unsecured convertible
bonds due June 2026 (the "Convertible
Bonds"), through the issuance of new
shares. Pursuant to the terms of the Convertible Bond agreement a
total of 14,244,459 new ordinary shares (the "New Ordinary Shares") will be issued
in settlement of this Quarterly Repayment. Application is being
made to AIM for the admission to trading of
the 14,244,459 New Ordinary Shares which are expected to admit on or around
20th September 2024 ("Admission").
After settlement of the Quarterly
Repayment, the principal remaining
under the Convertible Bond will be reduced by US$2.45
million to US$17.15 million.
Total Voting Rights
Immediately following Admission, the
Company's enlarged issued share capital admitted to trading on AIM
will consist of 1,129,998,939 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 1,129,998,939 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.
-ENDS-
Further information, please contact:
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Pantheon Resources plc
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+44 20 7484 5361
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David Hobbs, Executive
Chairman
Jay Cheatham, Chief Executive
Officer
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Justin Hondris, Senior Vice President
for Finance and International Investment
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Canaccord Genuity Limited (Nominated Adviser and
broker)
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Henry Fitzgerald-O'Connor
James Asensio
Charlie Hammond
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+44 20 7523 8000
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BlytheRay
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Tim Blythe
Megan Ray
Matthew Bowld
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+44 20 7138 3204
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Notes to Editors
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 6.7 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 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 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.