RE: Convertible repayment14 Mar 2024 12:00
The right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure of 944,218,427 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.
David Hobbs, Executive Chairman, said: "Having paid the last two quarterly convertible bond repayments in cash rather than stock, funded by private placements to supportive long term shareholders, we have decided to satisfy the March 2024 quarterly instalment in shares, allowing us to apply the funds freed up towards the acquisition of 66,240 new acres awarded and announced in December 2023, payment of which is estimated to occur in late Q2 or Q3 of this year. As already announced, the new acres are covered by our proprietary 3D seismic, add enormous resource potential, and are contiguous and adjacent to Pantheon's existing acreage and will be covered in Netherland Sewell's ongoing work on Kodiak and Ahpun. It was important to secure these extensions to our existing Kodiak and Ahpun projects both to protect project timelines to the extent possible and to utilise the competitive advantage of that proprietary seismic before the scheduled public release of key tranches of the seismic data."