Source - LSE Regulatory
RNS Number : 0303J
Pantheon Resources PLC
02 April 2024
 

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. 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHFLFLESAIFIIS
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Pantheon Resources PLC (PANR)

+0.15p (+0.49%)
delayed 16:30PM