Last checked at 1 Feb 2024 07:00
1 February 2024
Pantheon Resources plc
Director/PDMR notification
Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the Company"), the oil and gas company with a 100% working interest in the Kodiak and Ahpun projects, collectively spanning 193,000 contiguous acres in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, is pleased to announce that further to the announcement of 14 November 2023, the New Ordinary Shares have admitted to trading on AIM on 31 January 2024.
As part of the Placement, IPGL subscribed for 10,857,562 New Ordinary Shares at the Placement Price of 20.80p and David Hobbs, Pantheon's Executive Chairman, agreed to acquire shares from IPGL immediately following closing of the Placement, which has now occurred. Accordingly, David Hobbs has purchased 980,455 shares from IPGL at the Placement Price. Following the purchase, his ultimate beneficial ownership increases to 3,697,684 shares, representing 0.4% 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
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b) | LEI | 213800SWHY5DNQS64J23
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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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20.80p | 980,455
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e) | Aggregated information - Aggregated volume - Price
| As above | |
f) | Date of the transaction | 31 January 2024 | |
g) | Place of the transaction | Off market trade
| |
All capitalised terms have the same meaning as in the Company's announcement of 14 November 2023, unless stated otherwise.
-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) | +44 20 7523 8000 |
Henry Fitzgerald-O'Connor James Asensio Ana Ercegovic | |
BlytheRay | +44 20 7138 3204 |
Tim Blythe Megan Ray Matthew Bowld |
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 c. 193,000 acres. In December 2023, Pantheon was the successful bidder for an additional 66,240 acres with very significant resource potential, contiguous to the Ahpun and Kodiak projects. Following the issue of the new leases, which are expected to be formally awarded in summer 2024 upon payment of the balance of the application monies, the Company will have a 100% working interest in c. 259,000 acres. Certified contingent resources attributable to these projects exceeds 1 billion barrels of marketable liquids, located adjacent to Alaska's Trans Alaska Pipeline System ("TAPS").
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.
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 estimates for the Ahpun Field.