Business
Placing of 1.5m shares
Placing of 1.5m shares.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n21 November 2007\n\n\nPress release 21 November 2007\n Pantheon Resources plc\n\n Placing of 1.5m shares\n\n\nPantheon Resources plc (the 'Company'), the AIM-listed oil and gas exploration\ncompany active in the Gulf of Mexico, is pleased to announce that it has raised\n£900,000 by way of a placing of 1,500,000 ordinary fully paid up shares (the '\nPlacing Shares') in the Company at a price of 60p per share with institutional\ninvestors (the 'Placing').\n\nThe Company has taken advantage of its current authority to allot 1,500,000 new\nshares which was granted at the last AGM on 9th February, 2007. The Placing was\noversubscribed.\n\nThe proceeds of the Placing will provide Pantheon with additional funding to\nhelp finance the drilling programmes in South Louisiana and Texas, as well as\nfor the provision of general working capital.\n\nIn South Lousiana, Pantheon is presently drilling the Fay Weil Ross et al #1\nwell to test the salt feature at the Nottoway Prospect. The Company is also in\ndiscussions to begin drilling the Bullseye and the Point Clair prospects in\nLouisiana, which it currently anticipates drilling in 1Q 2008. In addition, the\nCompany anticipates it will drill at least one appraisal/development well in 1H\n2008 in Texas.\n\nApplication has been made to the London Stock Exchange for all of the Placing\nShares to be admitted to trading on AIM. It is expected that Admission will\nbecome effective and dealings will commence on 22 November 2007.\n\n\nSearch for a New Chief Executive Officer ('CEO')\n\nThe directors are pleased to report that a search for a potential CEO is\ncurrently underway. The Company is delighted with the response which has\nidentified several high calibre candidates to date, and detailed discussions are\ncurrently occurring in relation to this matter.\n\n\n\nWith six producing wells from a total of nine wells drilled since the Company's\nformation and heading into a period of further drilling, the Company believes it\nan ideal time to make such an appointment.\n\n\nFor further information on Pantheon Resources plc, see the website at\nwww.pantheonresources.com\n\n- end -\n\n\nFurther information:\n\nPantheon Resources PLC\n Sue Graham, Chairman +44 20 7379 0118\n\nOriel Securities Limited\n Scott Richardson Brown +44 20 7710 7600\n\nMedia enquiries:\n\nCapital MS&a...