Business
Admission to AIM
Admission to AIM.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n05 April 2006\n\n\n\n Not for publication, distribution or release in the US, Canada, Japan or\n Australia\n\n\n PANTHEON RESOURCES PLC\n ('Pantheon' or 'the Company')\n\n\n Admission to the Alternative Investment Market ('AIM')\n\n\n Pricing & Allocation\n\n\nPantheon Resources plc, today announces its proposed admission to AIM \n('Admission') and a successful Placing by Oriel Securities ('Placing').\n\n\nPlacing and Admission\n\n\n• The Company has raised approximately £10.0 million through a placing\nof 10,000,000 shares at 100 pence per share. Existing Shareholders have not sold\nshares in the Placing.\n\n\n• On Admission, the Company will have a market capitalisation of\napproximately £15.5 million.\n\n\n\n• Oriel Securities Limited, nominated adviser and broker to Pantheon,\nand the Company have placed all of these shares with institutional and other\ninvestors.\n\n\n\n• The Company intends to use the £9.4m net proceeds from the Placing to\nfinance its initial business strategy which is to drill a minimum of four wells\nin certain under-explored deep sections under and around Padre Island, Texas.\n\n\n\n• The Directors also believe that Admission will help Pantheon attract\nand retain high quality staff and raise the status and market profile of the\nCompany.\n\n\n\n• Admission and commencement of dealings on AIM are expected to take\nplace on 5 April.\n\n\n\nBackground and strategy\n\n\n\n• Pantheon Resources plc was formed in 2005 to be an independent UK\nbased oil and gas exploration company focused on hydrocarbon producing basins in\nthe Gulf of Mexico ('GoM') off the coast of the south of Texas. Specifically,\nits initial focus is intended to be on the deep geological plays under and\naround Padre Island.\n\n\n\n• In building its exploration portfolio in this region, Pantheon intends\nto participate initially in six exploration prospects (the 'Farmout Prospects').\nThis is pursuant to a Farmout Agreement with the lessees that currently own the\nleasehold interests over approximately 10,715 hectares (the 'Padre Island\nProject Area' or 'PI Project Area'). These Farmout Prospects are ready to drill\nfrom a geological and geophysical perspective. Importantly, a drilling rig\ncontract has been secured for 12 months with options to extend. The Directors\nbelieve that a numb...