29 July, 2021

Pantheon Resources plc

Conversion of Shares

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with a 100% working interest in a number of oil projects adjacent to transportation and pipeline infrastructure on the Alaska North Slope, announces that it has received a notice of conversion, on a one to one basis, for all 33,890,478 of the 33,890,478 ordinary shares not carrying voting rights ("Non-Voting Shares") into ordinary shares carrying voting rights ("Voting Ordinary Shares") in the Company (the "Conversion"). The Conversion will be effective on Admission (as defined below).

The Non-Voting Shares were originally issued as part of the purchase consideration for the Great Bear Companies in January 2019, as previously announced. The Non-Voting Shares are convertible into Voting Ordinary Shares, on a one-for-one basis.

Application has been made to AIM for the admission to trading of the 33,890,478 new Voting Ordinary Shares resulting on the Conversion, which is expected at 8.00 am on 3 August 2021 ("Admission").

The Company's enlarged issued share capital admitted to trading on AIM immediately following Admission will consist of 693,258,674 Voting Ordinary Shares and nil Non-Voting Shares. The aforementioned figure of 693,258,674 Voting Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Pantheon under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The Non-Voting Shares were held in the name of Great Bear Petroleum Operating, LLC ("GBPO") and GBPO has been instructed to make the Conversion at the direction of CHONS LLC ("CHONS"). The Voting Shares to be issued pursuant to the Conversion will initially be in name of GBPO and GBPO has indicated its intention of then transferring them to CHONS.

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Further information:

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 over 160,000 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.

The Company has received Independent Expert Reports certifying a Contingent Resource of 76.5MMBO (million barrels of oil) recoverable on its Greater Alkaid project and management have estimated Contingent Resources of 1.4 billion barrels of oil at Theta West and 404 million barrels of oil in the Shelf Margin Deltaic horizon. 

Information contained within this RNS is considered to be inside information prior to its announcement. 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) incorporated into, or forms part of, this announcement.