Pantheon Resources Upsizes Convertible Bonds to Bolster Operations

Pantheon Resources ( (GB:PANR) ) just unveiled an update.

Pantheon Resources announced that it has exercised the option to increase the aggregate amount of its senior convertible bonds from $30.5 million to $35 million, with the additional funds to be used for working capital, expenses, and general administrative purposes. This financial move is expected to provide the company with the necessary resources to complete flow testing in the Megrez-1 well and prepare for future activities, potentially enhancing its operational capabilities and market positioning.

More about Pantheon Resources

Pantheon Resources plc is an AIM-listed oil and gas company focused on developing its 100% owned Ahpun and Kodiak fields located on State of Alaska land on the North Slope, onshore USA. The company has independently certified best estimate contingent recoverable resources totaling approximately 1.6 billion barrels of ANS crude and 6.6 trillion cubic feet of associated natural gas. Pantheon aims to demonstrate sustainable market recognition of a value of $5-$10 per barrel of recoverable resources by the end of 2028, leveraging its proximity to existing infrastructure to reduce development timeframes and costs.

YTD Price Performance: 101.00%

Average Trading Volume: 6,961,185

Technical Sentiment Consensus Rating: Sell

Current Market Cap: £688.2M

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