Business
Placing of shares
Placing of shares.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n RNS Number : 8280X Pantheon Resources PLC 21 August 2009 \n \n\n\n\n\n\n\n\nPress release\n\n\nDate: 21 August 2009\n\n\n\n\n\nPlacing of Shares\n\nPantheon Resources plc ('Pantheon' or 'the Company'), the AIM-quoted oil and gas exploration company active in Louisiana and Texas, announces that it has today conditionally placed with investors 4,554,600 new ordinary shares of 1 pence each in the Company ('the Placing Shares') at an issue price of 12 pence per share to raise £0.507million after expenses ('the Placing'). Application has been made for the Placing Shares to be admitted to trading on the AIM market of the London Stock Exchange plc ('Admission'). The Placing is conditional, inter alia, upon Admission which is expected to be on 24 August 2009. \n\nThe net proceeds of the Placing will be used to fund the estimated costs for the proposed remedial operations on the Vision Rice University #1 ('VRU#1') well on the Tyler County project, and for general working capital. As previously announced, these remedial actions follow extensive drilling and testing delays at the VRU#1 well. Specific details of the proposed remedial work at the well were announced on 13 August 2009.\n\nAs previously announced, the drilling and testing delays at both the Bullseye and Tyler County projects have also resulted in additional costs becoming payable by the Company. These additional costs have been met through Pantheon's existing cash resources and the proposed bridging finance facilities of up to £1.45m announced on 29 April 2009 and 25 June 2009, of which a total of £1.13m has been drawn down to date. Following the completion of the Placing there is no intention for the Company to draw down the remaining balance of the bridging finance facilities.\n\nThe delays at the VRU#1 well relate primarily to mechanical difficulties encountered whilst drilling and do not reflect the potential prospectivity of the project. Specific difficulties encountered include much higher than expected r...