21st Nov 2007 14:09
Pantheon Resources PLC21 November 2007 Press release 21 November 2007 Pantheon Resources plc Placing of 1.5m shares Pantheon Resources plc (the "Company"), the AIM-listed oil and gas explorationcompany active in the Gulf of Mexico, is pleased to announce that it has raised£900,000 by way of a placing of 1,500,000 ordinary fully paid up shares (the "Placing Shares") in the Company at a price of 60p per share with institutionalinvestors (the "Placing"). The Company has taken advantage of its current authority to allot 1,500,000 newshares which was granted at the last AGM on 9th February, 2007. The Placing wasoversubscribed. The proceeds of the Placing will provide Pantheon with additional funding tohelp finance the drilling programmes in South Louisiana and Texas, as well asfor the provision of general working capital. In South Lousiana, Pantheon is presently drilling the Fay Weil Ross et al #1well to test the salt feature at the Nottoway Prospect. The Company is also indiscussions to begin drilling the Bullseye and the Point Clair prospects inLouisiana, which it currently anticipates drilling in 1Q 2008. In addition, theCompany anticipates it will drill at least one appraisal/development well in 1H2008 in Texas. Application has been made to the London Stock Exchange for all of the PlacingShares to be admitted to trading on AIM. It is expected that Admission willbecome effective and dealings will commence on 22 November 2007. Search for a New Chief Executive Officer ("CEO") The directors are pleased to report that a search for a potential CEO iscurrently underway. The Company is delighted with the response which hasidentified several high calibre candidates to date, and detailed discussions arecurrently occurring in relation to this matter. With six producing wells from a total of nine wells drilled since the Company'sformation and heading into a period of further drilling, the Company believes itan ideal time to make such an appointment. For further information on Pantheon Resources plc, see the website atwww.pantheonresources.com - end - Further information: Pantheon Resources PLC Sue Graham, Chairman +44 20 7379 0118 Oriel Securities Limited Scott Richardson Brown +44 20 7710 7600 Media enquiries: Capital MS&L Steffan Williams / Peter Curtain / Jennifer Martin +44 20 7307 5330 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pantheon Resources plc