REG - Pantheon Resources - Block Listing Six Monthly return

Pantheon ResourcesAnnouncement

20/05/2024 12:15

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RNS Number : 1325P  Pantheon Resources PLC  20 May 2024

Pantheon Resources plc

 

Block Listing Six Monthly return

 

Pantheon Resources plc ("Pantheon" or "the Company"), gives below the
information required by Schedule 6 of the AIM Rules for Companies in
connection the Pantheon Resources plc 2009 Discretionary Share Option Plan
which was updated in July 2020 (the "Scheme").

 Name of company:                                                                Pantheon Resources Plc
 Name of scheme:                                                                 Pantheon Resources Plc 2009 Discretionary Share Option Plan
 Period of return:                                                               From: 18 November 2023

                                                                                 To:   18 May 2024

 Balance of unallotted securities under scheme from previous return:             23,930,000 Ordinary Shares of £0.01 each in the Company ("Ordinary Shares")
 The amount by which the block scheme has been increased since the date of the   N/A
 last return (if any increase has been applied for):
 Number of securities issued/allotted under the scheme during the period:        nil
 Balance under the scheme not yet issued at the end of the period subject to     23,930,000 Ordinary Shares
 the block admission:

 Number and class of securities originally listed and the date of admission      32,830,000 Ordinary Shares on 18 May 2022
 Total number of securities in issue at the end of the period                    944,218,427 Ordinary Shares

 Name of contact:                                                                Justin Hondris
 Telephone number of contact:                                                    +44 20 7484 5361

 

 

Further information:

 

 Pantheon Resources plc                                       +44 20 7484 5361
 Jay Cheatham, CEO

 David Hobbs, Executive Chairman
 Justin Hondris, Director, Finance and Corporate Development

 Canaccord Genuity Limited (Nominated Adviser and broker)
 Henry Fitzgerald-O'Connor, James Asensio, Ana Ercegovic      +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 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
are currently around 1.3 billion barrels of marketable liquids, located
adjacent to Alaska's Trans Alaska Pipeline System ("TAPS") with additional
IERs expected within the next month.

 

Pantheon's stated objective is to demonstrate sustainable market recognition
of a value of $5-$10/bbl of recoverable resources by end 2028. The Company is
targeting Final Investment Decision ("FID") on the Ahpun field by the end of
2025, subject to regulatory approvals, building production to at least 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 1,208 million barrels of
marketable liquids and 5,396 billion cubic feet of natural gas. ("LKA") has
confirmed a combination of reserves and contingent resources totalling 79
million barrels of marketable liquids and 424 billion cubic feet of natural
gas. Cawley Gillespie & Associates ("CGA") are working on estimates for
the Ahpun western topsets.

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