Final Repayment of Convertible Bonds & Webinar
Pantheon Resources plc has fully repaid its senior unsecured convertible bonds by issuing 10,520,833 new ordinary shares, settling the final US$2.45 million principal and US$24,500 interest payment. This issuance will bring the total voting rights to 1,348,117,633 ordinary shares upon admission to AIM, expected around December 19th, 2025. The company also announced that the Dubhe-1 well is continuing its flowback and cleanup period, with a webinar scheduled for December 23rd, 2025, to provide an update on well progress and discuss next steps for the Ahpun field appraisal.
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The Board of Pantheon Resources plc (AIM: PANR, OTCQX: PTHRF) ("Pantheon" or the "Company), the oil and gas company developing the Kodiak and Ahpun oil fields immediately adjacent to pipeline and transportation infrastructure on Alaska's North Slope, announces that it has elected to pay (i) the final quarterly principal repayment of US$2.45 million and (ii) the quarterly interest payment of US$24,500 (collectively, the "Quarterly Repayment") in respect of its senior unsecured convertible bonds issued in December 2021 to a fund advised by Heights Capital Ireland LLC, and due December 2025 (the "Convertible Bonds"), through the issuance of new shares. Pursuant to the terms of the Convertible Bond agreement a total of 10,520,833 new ordinary shares (the "New Ordinary Shares") will be issued in full settlement of this Quarterly Repayment. Application is being made to AIM for the admission to trading of the 10,520,833 New Ordinary Shares which are expected to admit on or around 19th December 2025 ("Admission").
After settlement of this final Quarterly Repayment, the Convertible Bond will have been repaid in full, with principal outstanding having been reduced to nil.
Total Voting Rights
Immediately following Admission, the Company's enlarged issued share capital admitted to trading on AIM will consist of 1,348,117,633 ordinary shares, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure of 1,348,117,633 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
Update & webinar - Dubhe-1
The Dubhe-1 well continues to flowback and remains in the cleanup period. As we enter the holiday season, the Company will be hosting a webinar on 23 December 2025 at 17:00 GMT to share results up until that time and to discuss next steps in further progressing appraisal efforts on the Ahpun field.
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Max Easley, CEO, commented: "I am extremely pleased to report to shareholders that the Heights bond has now been repaid in full, and as such there are no further repayments. The Dubhe-1 well continues to flowback and remains in the cleanup period. We recognise that shareholders are eager learn more about how the well is progressing, and given the upcoming holiday season we have decided to host a webinar on 23 December where we will give investors an up to date overview of the well progress at that time. For now, the well remains in the cleanup window, consistent with our last update."
It is disclosed in accordance with the Group's obligations under Article 17 of UK MAR.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.