04 March 2022

Pantheon Resources plc

Conversion of Shares

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with a 100% working interest in a number of oil projects adjacent to transportation and pipeline infrastructure on the Alaska North Slope, announces the conversion of certain ordinary shares not carrying voting rights ("Non-Voting Shares") into ordinary shares carrying voting rights ("Voting Ordinary Shares").

As announced on 22 January 2022, the Company received an exercise notice over 4,803,922 warrants. These warrants were initially exercised into Non-Voting Shares with the instruction for them to be subsequently converted into Voting Ordinary Shares once the Company had received approval from the Takeover Panel.  Such approval has now been received and therefore the Company is completing the conversion, on a one to one basis, of all 4,803,922 Non-Voting Shares into Voting Ordinary Shares. For further detail of the warrant exercise and issue of the Non-Voting Shares please refer to the announcement of 22 January 2022.

Application has been made to AIM for the admission to trading of the 4,803,922 new Voting Ordinary Shares resulting from the Conversion, which is expected at 8.00 am on 10th March 2022 ("Admission").

The Company's enlarged issued share capital admitted to trading on AIM immediately following Admission will consist of 753,743,733 Voting Ordinary Shares and nil Non-Voting Shares. The aforementioned figure of 753,743,733 Voting Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Pantheon under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

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Further information:

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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