LONDON: Pantheon Resources PLC, an oil and gas company focused on onshore operations in the US, including several large projects on Alaska’s North Slope, today announced that its recent fundraise was oversubscribed.
The company has decided to increase the size of the fundraise, which when combined with the retail offer, raised gross proceeds of around $22 million.
A total of around 104 million shares have been placed and subscribed for in the placing, subscription and retail offer at a price of 17 pence per share. The additional funds raised will be applied towards general corporate purposes.
Pantheon Resources is a leading independent oil and gas company with a portfolio of assets in the US. The company’s flagship asset is the Alaska North Slope, where it has a number of large projects in development. Pantheon Resources is also active in the Permian Basin and the Eagle Ford Shale.
The company’s recent fundraise is a vote of confidence from investors in its strategy and its ability to execute on its plans. The additional funds will allow Pantheon Resources to accelerate its development plans and to continue to grow its business.
Pantheon Resources’ stock price is currently down 5.4% in London on Wednesday. The stock price has been under pressure in recent months due to the decline in oil prices. However, the company’s recent fundraise suggests that investors remain confident in its long-term prospects.
In a statement, Pantheon Resources CEO Andy Reddiex said: “We are delighted with the strong support for our recent fundraise. This is a significant vote of confidence from our investors in our strategy and our ability to execute on our plans. The additional funds will allow us to accelerate our development plans and to continue to grow our business.”
Pantheon Resources is a well-positioned company with a strong portfolio of assets. The company’s recent fundraise is a positive development and it is well-placed to continue to grow its business in the years to come.
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