Pantheon Resources plc Regulatory News (PANR)

04 March, 2021

Pantheon Resources plc

Issue of Equity 

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with a 100% working interest1 in a number of oil projects adjacent to transportation and pipeline infrastructure on the Alaska North Slope, announces that it has received a notice of conversion, on a one to one basis, for 24,318,628 of the 88,209,106 ordinary shares not carrying voting rights ("Non-Voting Shares") into ordinary shares carrying voting rights ("Voting Ordinary Shares") in the Company (the "Conversion"). The Conversion will be effective on Admission (as defined below).

The Non-Voting Shares were originally issued as part of the purchase consideration for the Great Bear Companies in January 2019, as previously announced. The Non-Voting Shares are convertible into Voting Ordinary Shares, on a one-for-one basis.

Application has been made to the London Stock Exchange for the admission to trading of the 24,318,628 new Voting Ordinary Shares resulting on the Conversion, which is expected at 8.00 am on 10 March 2021 ("Admission").

The Company's enlarged issued share capital admitted to trading on AIM immediately following Admission will consist of 615,095,604 Voting Ordinary Shares and 63,890,478 Non-Voting Shares. The aforementioned figure of 615,095,604 Voting Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Pantheon under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The Non Voting Shares are held in the name of Great Bear Petroleum Operating, LLC ("GBPO") and GBPO has been instructed to make the Conversion at the direction of CHONS LLC ("CHONS"). The Voting Shares to be issued pursuant to the Conversion will initially be in name of GBPO and GBPO has indicated its intention of then transferring them to CHONS.

1subject to completion of the recently announced transaction with Otto Energy Limited

-Ends-

Further information: