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Pantheon Resources PLC on Friday said it will issue over 7 million new shares to repay unsecured bonds, and announced a private placement for extra working capital. Shares in Pantheon Resources were up 1.7% at 28.28 pence each in London on Friday morning. The oil and gas company, which is focused on developing the Ahpun and Kodiak onshore oil fields in Alaska, also estimated that it has between $60 million and $85 million in funding up until the Ahpun final investment decision. This includes the cost of drilling and testing the planned Megrez-1 well, plus an additional Ahpun appraisal well if required, and costs needed to complete the environmental impact statement. Additionally, Pantheon Resources said the gas sales precedent agreement executed on June 5 opens a potential path to funding of post-FID expenditures. ‘Funding options being presently under consideration include a suite of alternatives including farm-out, equity, debt, hybrid and a US listing targeted for 2025,’ the company added. Regarding its unsecured convertible bonds, Pantheon Resources said it has elected to make the $2.7 million quarterly principle and interest payment through issuing 7.5 million new shares at 36.4 US cents each. This includes a $2.5 million principal repayment and around $270,000 in interest. Following settlement, the principle amount remaining under the convertible bond will be reduced to $24.5 million. Pantheon Resources also announced a private placement worth approximately $3.4 million. It will issue 9.2 million new shares, also at 36.4 cents each, to ‘two existing long term shareholders’. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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