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Pantheon Resources plc (AIM: PANR), an oil and gas company with a 100% working interest in the Kodiak and Ahpun fields, is pleased to provide a comprehensive update on its latest activities and strategic funding plans.
Quarterly Bond Payment
Pantheon Resources has opted to make its quarterly principal and interest payment of US$2.72 million through the issuance of 7,471,153 new ordinary shares, priced at US$0.364 per share. This approach allows the company to preserve cash while fulfilling its debt obligations.
Private Placement
The company has successfully raised approximately US$3.36 million through a private placement involving two of its long-term shareholders. This involved the issuance of 9,230,080 new ordinary shares, also priced at US$0.364 per share. The funds from this placement will provide additional working capital and enhance the company's financial flexibility as it advances its strategic initiatives.
Strategic Funding Plan
Pantheon Resources has outlined a robust funding strategy to support its long-term growth and project development:
Long-Term Funding - The recently executed Gas Sales Precedent Agreement (GSPA) on June 5, 2024, paves the way for potential funding of post-Ahpun FID (Final Investment Decision) expenditures without further equity dilution. This agreement marks a significant milestone in securing long-term financial stability.
Interim Funding- The company estimates that interim funding requirements up to the Ahpun FID range from US$60 million to US$85 million. These funds will cover essential activities such as completing the Environmental Impact Statement (EIS), general and administrative expenses, US IPO preparation costs, and connecting to the Trans-Alaska Pipeline System (TAPS). Additionally, the funds will support drilling and testing of the planned Megrez-1 well to assess the Ahpun East project area, which is estimated to contain a prospective resource of approximately 609 million barrels of marketable liquids. If necessary, the upper end of the funding range will also cover the cost of drilling and testing an additional Ahpun appraisal well.
