Pantheon Resources PLC Appointment of Non-Executive Director (4781O)

TIDMPANR

RNS Number : 4781O

Pantheon Resources PLC

02 October 2019

02 October 2019

Pantheon Resources plc

Appointment of Non-Executive Director

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, as well as onshore North Slope of Alaska, is pleased to announce the appointment of Mr Jeremy Brest as Non-Executive Director of Pantheon with immediate effect.

Jeremy has more than 20 years' experience in investment banking and financial advisory and is the founder of Framework Capital Solutions, a boutique Singapore-based advisory firm specializing in structuring and execution of private transactions. Prior to founding Framework, Jeremy was the head of structuring for Indonesia at Credit Suisse, and a derivatives trader at Goldman Sachs.

Jeremy holds a JD/MBA from Stanford University and an AB in Mathematics (with Distinction) from Swarthmore College.

Jay Cheatham, CEO of Pantheon Resources, said:

"We are delighted to announce that Jeremy will be joining the Board. Jeremy was nominated by Great Bear for the position of Non-Executive Director, and having now worked with him for well over a year it is clear to me that his commercial acumen, intelligence, work ethic and experience will benefit the Company greatly going forward."

Further disclosures on Mr Brest as required under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules are as follows:

Director's interest in shares

At the date of appointment, Mr Brest does not have a direct interest in Pantheon and has an indirect interest in the Company as described below:

Mr Brest's interest results from the direct and indirect holding of Pantheon by Westman Management Limited ("Westman"), of which Mr Brest is the sole director. Westman holds 327,869 ordinary shares of Pantheon and holds approximately 5.3% interest in Ursa Major Holdings LLC ("UMH"). UMH has an indirect interest in Pantheon through Great Bear Petroleum Operating LLC ("GBPO") as a result of the acquisition of the Great Bear Companies by Pantheon announced on 21 December 2018. UMH holds an approximately 50% interest in GBPO. GBPO has a beneficial interest in approximately 28 million ordinary shares. 26 million of these ordinary shares are held by CHONS LLC on behalf of GBPO. GBPO also owns approximately 88 million non-voting shares convertible into ordinary shares, 4.8 million warrants exercisable into convertible non-voting shares in the Company with strike price of GBP0.30 per share, and options over approximately 49 million shares in the Company presently owned by CHONS LLC, of which approximately 30.7 million are currently exercisable into ordinary shares and 13.3 million are exercisable into convertible non-voting shares.

Mr Brest's interest in the shares held by GBPO is variable based on the distribution mechanisms established by the limited liability company agreements of UMH and Great Bear Petroleum Holdings LLC ("GBPH", a parent company of GBPO). This interest changes with fluctuations of exchange rates, the Company's share price, and other factors.

In addition to this financial interest, Mr Brest is one of two Managing Member Designees GBPH. Collectively, the two Managing Member Designees of GBPH direct the affairs of GBPO.

Jeremy Brest (age 50), has held the following directorships and/or partnerships in the past five years:

 
 Current Directorships                  Previous directorships 
 Framework Capital Solutions Pte        Luminescence Pte Ltd 
  Ltd 
                                       ------------------------------------ 
 Westman Management Limited             Conrad Petroleum OM Pte Ltd (f.k.a. 
                                         Conrad Petroleum Anambas Pte Ltd) 
                                       ------------------------------------ 
 Snow Canyon Holdings Limited           Arctos Holdings Pte Ltd 
                                       ------------------------------------ 
 Snow Canyon Investments Limited 
                                       ------------------------------------ 
 Whimbrel Group Holdings Limited 
                                       ------------------------------------ 
 Whimbrel Investments Limited 
                                       ------------------------------------ 
 Ursa Major Holdings LLC 
                                       ------------------------------------ 
 Great Bear Petroleum Holdings LLC 
                                       ------------------------------------ 
 Conrad Petroleum Pte Ltd 
                                       ------------------------------------ 
 Wei Capital Pan-Asia Master Fund 
                                       ------------------------------------ 
 Wei Capital Pan-Asia Offshore Feeder 
  Fund 
                                       ------------------------------------ 
 Indigo Financial Services Pte Ltd 
                                       ------------------------------------ 
 Indigo Logistics Pte Ltd 
                                       ------------------------------------ 
 GSL Indonesia Pte Ltd 
                                       ------------------------------------ 
 Indigo Asia Holdings Limited 
                                       ------------------------------------ 
 Indigo Asia Investments Limited 
                                       ------------------------------------ 
 Indigo Asia Pte Ltd 
                                       ------------------------------------ 
 Tiga Duo Investments Pte Ltd 
                                       ------------------------------------ 
 Tiga Resources Indo 1 Pte Ltd 
                                       ------------------------------------ 
 Tiga Resources Holdings 1 Pte Ltd 
                                       ------------------------------------ 
 AJA Consulting Pte Ltd 
                                       ------------------------------------ 
 Flip Health Pte Ltd 
                                       ------------------------------------ 
 

There is no further information to be disclosed in relation to Mr Brest's appointment pursuant to AIM Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies.

-ENDS-

Further information:

 
 Pantheon Resources plc                               [phone] 
 Jay Cheatham, CEO 
 Justin Hondris, Director, Finance and Corporate 
  Development 
 
 
 Arden Partners plc (Nominated Adviser and broker)    [phone] 
 Paul Shackleton 
  Daniel Gee-Summons 
 
  Blytheweigh (PR) 
  Tim Blythe 
  Julia Tilley                                          [phone] 
 

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas exploration and production company with assets in East Texas and on the North Slope of Alaska, onshore USA.

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 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 an order of magnitude below that of offshore wells.

In East Texas, Pantheon holds a 50% to 75% working interest ("WI") in several conventional prospects in Tyler & Polk Counties, in an area of abundant regional infrastructure, and in proximity to the prized Double A Wells Field. Pantheon has the ability for this working interest position to increase to 100% should the minority partner not be in a position to meet its pro rata share of future drilling and operating costs.

In Alaska, following its acquisition of the assets of Great Bear Petroleum in January 2019, Pantheon holds working interests ranging between 75% and 90% of prospects covered by circa 1,000 square miles of 3D seismic which have a potential P50 Technically Recoverable Resources (gross) estimated at over 1.2 billion barrels of oil.

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.

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October 02, 2019 02:59 ET (06:59 GMT)