REG - Pantheon Resources - Quarterly Repayment of Unsecured Convertible Bonds

Pantheon ResourcesAnnouncement

16/09/2024 14:45

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RNS Number : 3772E  Pantheon Resources PLC  16 September 2024

 

 

16 September 2024

 

Pantheon Resources plc

Quarterly Repayment of Unsecured Convertible Bonds

Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the Company"), focused on
development of its Kodiak and Ahpun oil fields (owning a 100% working
interest in each), containing independently evaluated recoverable contingent
 resources of c. 1.6 billion barrels ("Bbbl") of ANS crude and 6.7 trillion
cubic feet ("Tcf") of natural gas in close proximity to pipeline and
transportation infrastructure on Alaska's North Slope, announces that it
has elected to pay (i) the quarterly principal repayment of US$2.45
million and (ii) the quarterly interest payment of US$0.224
million (collectively, the "Quarterly Repayment") in respect of its senior
unsecured convertible bonds due June 2026 (the "Convertible Bonds"), through
the issuance of new shares. Pursuant to the terms of the Convertible Bond
agreement a total of 14,244,459 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 14,244,459 New
Ordinary Shares which are expected to admit on or around 20(th) September
2024 ("Admission").

 

After settlement of the Quarterly Repayment, the principal remaining under
the Convertible Bond will be reduced by US$2.45 million to US$17.15
million.

Total Voting Rights

 

Immediately following Admission, the Company's enlarged issued share capital
admitted to trading on AIM will consist of 1,129,998,939 ordinary
shares, with each share carrying the right to one vote. The Company does not
hold any Ordinary Shares in treasury. The total voting rights figure
of 1,129,998,939 may be used by shareholders (and others with notification
obligations) as the denominator for the calculations by which they will
determine whether they are required to notify their interest in, or a change
to their interest in, the Company under the Disclosure Guidance and
Transparency Rules.

 

 

-ENDS-

 

Further information, please contact:

 

 Pantheon Resources plc                                                          +44 20 7484 5361
 David Hobbs, Executive Chairman

 Jay Cheatham, Chief Executive Officer
 Justin Hondris, Senior Vice President for Finance and International Investment

 Canaccord Genuity Limited (Nominated Adviser and broker)
 Henry Fitzgerald-O'Connor                                                       +44 20 7523 8000

 James Asensio

 Charlie Hammond

 BlytheRay
 Tim Blythe                                                                      +44 20 7138 3204

 Megan Ray

 Matthew Bowld

 

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas company focused on
developing its 100% owned Ahpun and Kodiak fields located on State of
Alaska land on the North Slope, onshore USA. Independently certified best
estimate contingent recoverable resources attributable to these projects
currently total c. 1.6 billion barrels of ANS crude and 6.7 Tcf of associated
natural gas. The Company owns 100% working interest in c. 259,000 acres.

Pantheon's stated objective is to demonstrate sustainable market recognition
of a value of $5-$10/bbl of recoverable resources by end 2028. This is based
on bringing the Ahpun field forward to FID and producing into the TAPS main
oil line (ANS crude) by the end of 2028. The Gas Sales Precedent Agreement
signed with AGDC provides the potential for Pantheon's natural gas to be
produced into the proposed 807 mile pipeline from the North Slope to
Southcentral Alaska during 2029. Once the Company achieves financial
self-sufficiency, it will apply the resultant cashflows to support the FID on
the Kodiak field planned, subject to regulatory approvals, targeted by the
end of 2028 or early 2029.

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 shorter development timeframes, materially lower
infrastructure costs and the ability to support the development with a
significantly lower pre-cashflow funding requirement than is typical
in Alaska. Furthermore, the low CO2 content of the associated gas allows
export into the planned natural gas pipeline from the North Slope to
Southcentral Alaska without significant pre-treatment.

The Company's project portfolio has been endorsed by world renowned
experts. Netherland, Sewell & Associates estimate a 2C contingent
recoverable resource in the Kodiak project that total 1,208 mmbbl of ANS
crude and 5,396 bcf of natural gas. Cawley Gillespie &
Associates estimate 2C contingent recoverable resources for Ahpun's western
topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee
Keeling & Associates estimated possible reserves and 2C contingent
recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural
gas.

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