|
Pantheon Resources PLC on Thursday said it has raised $30 million via a placing and subscription at 25 pence per share. Shares in the oil and gas company, focused on developing the Ahpun and Kodiak onshore oil fields in Alaska fell 5.5% to 26.00p each in London on Thursday afternoon. Pantheon Resources said proceeds will support operational activities at Dubhe-1, development planning activities for Ahpun, commercial activities related to gas monetisation, additional support for the preparation of a US stock exchange listing and general working capital. Oak Securities, Canaccord Genuity Ltd and Zeus Capital Ltd acted as joint bookrunners for the placing of around 79.7 million shares. The subscription accounted for around 8.8 million shares. Executive Chair David Hobbs said: ‘There was strong interest in the fundraise and the company scaled back demand to $30 million, and the 9% discount to the market closing price of 27.5p per share reflects that strong interest.’ ‘Operationally, we are on track to commence hydraulic stimulation and thereafter, flow testing operations in the coming weeks,’ he added. In addition, Hobbs said Dubhe-1 programme costs are ‘tracking at or below original estimates’. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
