8th Mar 2016 17:05
LONDON (Alliance News) - Pantheon Resources PLC on Tuesday said it will place 15.3 million shares at 115 pence each in order to raise USD25 million.
The oil and gas company is conducting the placing through an accelerated bookbuild, with Stifel is acting as bookrunner.
The proceeds will be used to fund further drilling in the Eagle Ford sandstone in East Texas.
Approximately USD8.5 million will be used to drill three new wells, on top of the two existing wells.
"This placing will enable us to exploit commercially the full potential of our acreage position, taking advantage of materially falling costs in the mid and upstream sectors of the industry to deliver attractive returns for our shareholders," Chief Executive Jay Cheatham said in a statement.
Shares in Pantheon closed down 1.6% at 129.34 pence on Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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