15 March 2022

Pantheon Resources plc

 Issue of Equity

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, confirms that further to its announcement on 9 March 2022, a total of 3,080,798 ordinary fully paid shares ("New Ordinary Shares") will be issued in settlement of the quarterly principal of $2.75 million and interest repayment of $0.55 million in respect of the unsecured convertible bond.

Application has been made to AIM for the admission to trading of the 3,080,798 New Ordinary Shares resulting from the conversion, which is expected at 8.00 am on 18 March 2022 ("Admission").

The Company's enlarged issued share capital admitted to trading on AIM immediately following Admission will consist of 756,824,531 voting ordinary shares and nil non-voting shares. The aforementioned figure of 756,824,531 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. 

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: 

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.