Last checked at 30 Aug 2023 07:00
30 August 2023
Pantheon Resources plc
Director/PDMR Notification
Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas company with a 100% working interest in all of its oil projects adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope announces that David Hobbs, Executive Chairman and PDMR of the Company, has purchased 1,000,000 shares on market at an average price of £0.16411 per share. Following the purchase his ultimate beneficial ownership increases to 2,717,229 shares, representing 0.30% 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
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a) | Name | David Hobbs | |
2 | Reason for the notification
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a) | Position/status | Executive Chairman
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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
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a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 pence each fully paid
ISIN: GB00B125SX82
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c) | Currency | GBP | |
d) | Price(s) and volumes(s) | Price(s) | Volume(s)
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£0.16411 | 1,000,000
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e) | Aggregated information - Aggregated volume - Price
| As above | |
f) | Date of the transaction | 29 August 2023 | |
g) | Place of the transaction | London Stock Exchange - AIM market
| |
-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) | |
Henry Fitzgerald-O'Connor, James Asensio, Gordon Hamilton
| +44 20 7523 8000
|
BlytheRay | |
Tim Blythe, Megan Ray, Matthew Bowld | +44 20 7138 3204 |
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 193,000 acres. Management estimates these fields to produce Expected Ultimate Recovery of contingent resources amounting to some 2 billion barrels of marketable liquids to be delivered through the Trans Alaska Pipeline System ("TAPS"). 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 preparation of an Independent Expert Report for the Ahpun Field.
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.