Quarterly Repayment of Unsecured Convertible Bonds

RNS Number : 1849E

Pantheon Resources PLC

09 March 2022

 

09 March 2022

Pantheon Resources plc

Quarterly Repayment of Unsecured Convertible Bonds 

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 it has elected to pay (i) the quarterly principal repayment of US$2.75 million and (ii) the interest payment of US$0.55 million (collectively, the "Quarterly Repayment") in respect of the Convertible Bond, through the issuance of new shares. Pursuant to the terms of the Convertible Bond Agreement, Pantheon has the choice of whether to pay any Quarterly Repayment in cash or in shares. Where paid in shares, the precise quantum of shares will be calculated a specified number of days after an election is made, in this case on 14^th March 2022 with the shares estimated to be admitted to trading on AIM on or about 18^th March 2022. A further announcement will be made on or around the 14^th March 2022 with the exact number of shares to be issued pursuant to this Quarterly Repayment.

After settlement of the Quarterly Repayment, the principal remaining under the convertible bond will be reduced by US$2.75 million to US$50.25 million.

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Further information: 

Pantheon Resources plc	[phone]
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate Development
Canaccord Genuity plc (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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