Last checked at 13 Mar 2023 15:33
13 March 2023
Pantheon Resources plc
Quarterly Repayment of Unsecured Convertible Bonds
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 it has elected to pay (i) the quarterly principal repayment of US$2.45 million and (ii) the interest payment of US$0.392 million (collectively, the "Quarterly Repayment") in respect of its senior unsecured convertible bonds due 2026 (the "Convertible Bonds"), through the issuance of new shares. Pursuant to the terms of the Convertible Bond agreement a total of 9,257,328 new ordinary shares (the "New Ordinary Shares") will be issued in settlement of this Quarterly Repayment. Application is being made to AIM for the admission to trading of the 9,257,328 New Ordinary Shares which is expected on 20th March 2023 ("Admission").
After settlement of the Quarterly Repayment, the principal remaining under the Convertible Bond will be reduced by US$2.45 million to US$36.75 million.
The Company's enlarged issued share capital admitted to trading on AIM immediately following Admission will consist of 787,855,052 ordinary shares. The aforementioned figure of 787,855,052 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.
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Further information:
Pantheon Resources plc | |
Jay Cheatham, CEO | +44 20 7484 5361 |
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 several large projects located on the North Slope of Alaska ("ANS"), onshore USA where it has a 100% working interest in 153,000 highly prospective acres with potential for multi billion barrels of oil recoverable. A major differentiator to other ANS projects is its close proximity to transport and pipeline infrastructure which offers a significant competitive advantage to Pantheon, allowing for materially lower capital costs and much quicker development times. The Group's stated objective is to create material value for its stakeholders through oil exploration, appraisal and development activities in high impact, highly prospective conventional assets, in the USA; a highly established region for energy production with infrastructure, skilled personnel and low sovereign risk. All operations are onshore USA, with drilling costs materially below that of offshore wells.
For further information on Pantheon Resources plc, see the website at: www.pantheonresources.com
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.