Partial Conversion of Unsecured Convertible Bonds

18^thFebruary 2022

Pantheon Resources plc

Partial Conversion of Unsecured Convertible Bonds

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas company with a 100% working interest in all of its oil projects adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope, announces that it has received a Notice of Conversion in respect of US$2 million of the US$55 million unsecured convertible bond.

As a result of the conversion, Pantheon will issue and allot 1,937,608 new ordinary shares of £0.01 each ("New Ordinary Shares") in the Company. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares in the Company.  Accordingly, the  principal remaining under the convertible bond will be reduced by US$2 million to US$53 million.

An application is being made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective, and trading will commence on or before 8.00 a.m. on 24th February 2022. Following Admission, the total number of Ordinary Shares in issue, and therefore the total number of voting rights, will be 748,939,811.

Further information:

Notes to Editors

Pantheon Resources plc is an AIM listed Oil & Gas company focused on several large projects located on the North Slope of Alaska ("ANS"), onshore USA where it has a 100% working interest in 153,000 highly prospective acres with potential for multi billion barrels of oil recoverable. A major differentiator to other ANS projects is its close proximity to transport and pipeline infrastructure which offers a significant competitive advantage to Pantheon, allowing for materially lower capital costs and much quicker development times. The Group's stated objective is to create material value for its stakeholders through oil exploration, appraisal and development activities in high impact, highly prospective conventional assets, in the USA; a highly established region for energy production with infrastructure, skilled personnel and low sovereign risk. All operations are onshore USA, with drilling costs materially below that of offshore wells.

For further information on Pantheon Resources plc, see the website at: www.pantheonresources.com

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement. 

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