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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pantheon Resources Plc | LSE:PANR | London | Ordinary Share | GB00B125SX82 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.60 | 26.72 | 26.98 | 27.20 | 25.50 | 25.50 | 4,153,545 | 16:35:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Natural Gas Liquids | 804k | -1.45M | -0.0016 | -167.00 | 242.41M |
TIDMPANR
RNS Number : 9425M
Pantheon Resources PLC
14 January 2019
14 January 2019
Pantheon Resources plc
Acquisition of controlling interest in Vision
Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with a 50% - 75% working interest in several conventional project areas in Tyler and Polk Counties, onshore East Texas, announces that, further to the announcement on 17 December 2018, Pantheon has reached agreement with Kaiser Francis and associated limited partners ("KF") to acquire KF's 66.6 per cent ownership of Vision Gas Limited and Vision Resources LLC (together, "Vision") including its working interest in the VOS#1 well 33.3 per cent and associated Tyler County acreage. Vision Gas Limited owns certain physical assets and its intellectual property (comprising, inter alia, seismic, well logs, and production histories).
The acquisition allows Pantheon to assume management control of the Vision entities.
As consideration, Pantheon will issue to KF 3.5 million new fully paid ordinary shares (the "New Ordinary Shares") in Pantheon (the "KF Acquisition"). The New Ordinary Shares are subject to a lock-up for three months.
As at 30 June, 2018 Vision had net assets with a book value of approximately US$3.8 million. Revenue for the year ended 31 Dec 2017 was US$0.2 million and losses attributable to Vision for the same period were approximately US$0.8 million.
The Company remains in negotiations with the estate of Bobby Gray to acquire the remaining interest in Vision and increase Pantheon's working interest to 100 per cent.
The KF Acquisition remains subject to admission of the New Ordinary Shares to trading on AIM becoming effective in accordance with Rule 6 of the AIM Rules, which is expected at 08:00 a.m. on 17 January 2019.
Jay Cheatham, CEO of Pantheon, said:
"The KF transaction is an important step in assuming control and management of the Vision entities. Importantly, it paves the way for Pantheon to assume operatorship and decision-making responsibility for our East Texas assets into the future."
-ENDS-
Further information:
Pantheon Resources plc +44 20 7484 5361 Jay Cheatham, CEO Justin Hondris, Director, Finance and Corporate Development Arden Partners plc (Nominated Adviser and broker) +44 20 7614 5900 Paul Shackleton Daniel Gee-Summons
For further information on Pantheon Resources plc, see the website at: www.pantheonresources.com
The information contained within this RNS is considered to be inside information prior to its release.
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
January 14, 2019 02:00 ET (07:00 GMT)
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