Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it expects to start flow testing this month for its Megrez-1 well on Alaska's North Slope. The testing will evaluate six of seven identified pay zones in the well.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors that its convertible bond issue is set to be âupsized' to $35 million, from $30.5 million. Convertible bondholder Sun Hung Kai & Co, and its affiliates, have the right to increase the company's convertible bond issuance (and the option must be exercised by 5pm on 28 February).
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has confirmed that Max Easley has taken up his position as chief executive officer earlier than expected, effective 21 February. David Hobbs will now be Pantheon's non-executive chair, rather than executive chair.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has agreed to issue US$30.5 million and US$35 million of three-year senior convertible bonds to repay existing bonds and for working capital. The bonds, due March 2028 and with coupon of 5.0% per annum, are being issued to Hong Kong-listed financial institution Sun Hung Kai & Co. Pantheon, which also appointed a new CEO today, said the proceeds will allow the repayments of the outstanding principal of $12.25 million principal remaining on the US$55 million senior unsecured convertible bonds due 2026.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has appointed Alaskan energy executive Max Easley as its new chief executive officer as it prepares for a possible US listing and shifts from exploration to development and production. The oil and gas company, which is developing the Kodiak and Ahpun oil fields on Alaska's North Slope, said current CEO Jay Cheatham will continue to serve as a non-executive director for a handover period.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) CEO Jay Cheatham talked with Proactive about the company's latest announcement regarding the Megrez-1 well. Located in the eastern tops, this well has shown significant potential, with a 15-50% increase in resource estimates over the pre-drill figure of 609 million barrels.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors that the initial results from the Megrez-1 well, in Alaska, has exceeded pre-drill expectations. The well, part of the Ahpun project, encountered a total of seven intersections across four âhorizons' â the Lower Sagavanirktok (three sections), Upper Prince Creek, Lower Prince Creek, and Upper Schrader Bluff (two sections).
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it has made a hydrocarbon discovery the Megrez-1 well, on the Ahpun field on Alaska's North Slope. Megrez-1 encountered multiple zones of light liquid hydrocarbons over a 1,260-foot vertical interval, it said.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) executive chair David Hobbs highlighted âextraordinary progressâ, as the Alaska-focussed oil junior reported its financial results statement. Specifically, he pointed to three key areas of progress.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has highlighted support received for a pipeline project in Alaska that promises to boost its assets on the North Slope. The Alaska Industrial Development and Export Authority (AIDEA) has approved a resolution to negotiate a letter of credit with the Alaska Gasline Development Corporation (AGDC), the company noted in a statement.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has issued 9.1 million new shares at US$0.2878 (ÂŁ0.2266) each to raise US$2.622 million and pay off due convertible debt before any news from its next well. Shares will be placed with the convertible bondholders at an issue price representing a 10% discount to the preceding 10-day average, with the amount to cover both principal and interest for the quarter.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has kicked off drilling operations for the Megrez-1 well, located in the Ahpun field in Alaska's North Slope. The Megrez well aims to explore three topset horizons, testing targets estimated to host up to 609 million barrels of ANS crude and 3.30 trillion cubic feet of natural gas.