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(Alliance News) - Texas and Alaska-focused Pantheon Resources PLC on Friday said it has successfully raised nearly USD11 million in a "significantly" oversubscribed placing.
Pantheon has placed 47.8 million new shares at a price of 18 pence each, with Chief Executive Jay Cheatham taking 300,000 of them. He now holds 2.9 million shares, or 0.6% of the firm.
Shares were 0.2% higher on Friday afternoon at 18.42p.
Cheatham said: "I am delighted with the incredible support received for this fund raising, and I am pleased to welcome some new quality institutional names to our share register. 2019 has been a tremendous year for Pantheon, starting with the successful merger with Great Bear Petroleum and followed more recently with the announcement of a significant discovery at our Alkaid/Phecda project, which we believe contains between 90 to 135 million barrels of oil P50 technically recoverable resource.
"This fundraising will allow us to continue the permitting, engineering, geological and geophysical work necessary to plan for drilling operations this coming winter, and to position us better for farm-out discussions, which I am pleased to report have already commenced. Pantheon will be seeking a significant up-front payment as well as a carried work program on future operations."
