Pantheon Resources PLC Partial Conversion of Unsecured Convertible Bonds (1993K)

TIDMPANR

RNS Number : 1993K

Pantheon Resources PLC

04 May 2022

4 (th) May 2022

Pantheon Resources plc

Partial Conversion of Senior Unsecured Convertible Bonds Due 2026

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 s panning c. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope, announces that the holder of its senior unsecured convertible bonds due 2026 (the "Convertible Bonds") has exercised conversion rights in respect of US$3.8 million in principal amount of the Convertible Bonds.

As a result of such exercise of conversion rights, Pantheon has issued and allotted 3,681,457 new ordinary shares of GBP0.01 each (the "New Ordinary Shares") in the Company. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares in the Company. Accordingly, the principal remaining under the Convertible Bonds will be reduced by US$3.8 million to US$46.55 million.

An application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective, and trading will commence on or before 8.00 a.m. on 6(th) May 2022. Following Admission, the total number of Ordinary Shares in issue, and therefore the total number of voting rights, will be 760,505,988.

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Further information:

 
 Pantheon Resources plc                             [phone] 
 Jay Cheatham, CEO 
 Justin Hondris, Director, Finance and Corporate 
  Development 
 Canaccord Genuity Limited (Nominated Adviser 
  and broker) 
 Henry Fitzgerald-O'Connor, James Asensio           [phone] 
 BlytheRay 
 Tim Blythe, Megan Ray, Alice McLaren, Madeleine 
  Gordon-Foxwell                                    [phone] 
 

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.

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May 04, 2022 02:02 ET (06:02 GMT)