Update on Fundraise

23 May 2023

Update on Fundraise

Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas company with 100% working interests in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, provides an update on the Fundraise announced on 16 May 2023 .

Pusurant to the Fundraise and Retail Offer the Company will be admitting a total of 95,395,134 New Ordinary Shares. The balance of 8,783,893 New Ordinary Shares will be admitted to trading once the outstanding Subscription funds are received by the Company which is expected over the coming days.

Application to the London Stock Exchange plc has been adjusted such that 95,395,134 New Ordinary Shares will be admitted to trading on AIM. Subject, amongst other things, to the satisfaction or waiver of the conditions of the Placing Agreement, it is expected that Admission will take place and dealings in the 95,395,134 New Ordinary Shares will commence on AIM on or around 8.00 a.m. on 24 May 2023.

Immediately following Admission, the Company's issued share capital will be 883,250,186 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 immediately following Admission, of 883,250,186 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.

The Company will make a further announcement once the outstanding Subscription funds are received and due to be admitted to trading on AIM.

All defined and capitalised terms have the same meaning as set out in the Company's announcement on 16 May 2023 at 16:59 p.m.

Further information: