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.
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