02 April
2024
Pantheon
Resources plc
Director/PDMR Notification
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 adjacent and near to transportation and pipeline
infrastructure on the Alaska North Slope announces that
following a pro-rata in-specie distribution of all Pantheon
ordinary shares owned by Ursa Major Holdings LLC to its underlying
members and their designees, Robert Rosenthal, Technical Director,
received 514,063 ordinary shares, and Jeremy Brest, Non-executive
Director, received 942,905 ordinary shares on 28 March,
2024.
Following the distribution, Mr
Rosenthal's ultimate beneficial ownership is 1,867,821 ordinary
shares, representing 0.20% of the Company's total voting rights and
Mr Brest's ultimate beneficial ownership is 2,322,608 shares
representing 0.25% of the Company's total voting rights. This
announcement, including the notification below, is made in
accordance with the requirements of the EU Market Abuse
Regulation.
Details of the transaction are
reported in the PDMR Notification below:
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Robert Rosenthal
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Technical Director
|
|
b)
|
Initial notification/Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Pantheon Resources plc
|
|
b)
|
LEI
|
213800SWHY5DNQS64J23
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial instrument, type of
instrument
|
Ordinary shares of 1 pence each
fully paid
ISIN: GB00B125SX82
|
|
c)
|
Currency
|
GBP
|
|
d)
|
Price(s) and volumes(s)
|
Price(s)
|
Volume(s)
|
|
nil
|
514,063
|
|
e)
|
Aggregated information
- Aggregated
volume
- Price
|
As above
|
|
f)
|
Date of the transaction
|
28 March 2024
|
|
g)
|
Place of the transaction
|
Off market transfer - in specie
distribution of shares to underlying beneficiary.
|
|
|
|
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Jeremy Brest
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Non-executive director
|
|
b)
|
Initial notification/Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Pantheon Resources plc
|
|
b)
|
LEI
|
213800SWHY5DNQS64J23
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial instrument, type of
instrument
|
Ordinary shares of 1 pence each
fully paid
ISIN: GB00B125SX82
|
|
c)
|
Currency
|
GBP
|
|
d)
|
Price(s) and volumes(s)
|
Price(s)
|
Volume(s)
|
|
nil
|
942,905
|
|
e)
|
Aggregated information
- Aggregated
volume
- Price
|
As above
|
|
f)
|
Date of the transaction
|
28 March 2024
|
|
g)
|
Place of the transaction
|
Off market transfer - in specie
distribution of shares to underlying beneficiary.
|
-ENDS-
Further information, please contact:
|
Pantheon Resources plc
|
+44 20 7484 5361
|
|
David Hobbs, Executive
Chairman
Jay Cheatham, CEO
|
|
|
Justin Hondris, Director, Finance
and Corporate Development
|
|
|
Canaccord Genuity plc (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 exceeds 1
billion barrels of marketable liquids, located adjacent
to Alaska's Trans Alaska Pipeline System
("TAPS").
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 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 962.5 million
barrels of marketable liquids and 4,465 billion cubic feet of
natural gas. NSAI is currently working on updated estimates for the
Kodiak Field to incorporate the additional acreage, and CGA and LKA
are working on estimates for the Ahpun Field.