TIDMPANR
RNS Number : 4781O
Pantheon Resources PLC
02 October 2019
02 October 2019
Pantheon Resources plc
Appointment of Non-Executive Director
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with working interests
in several conventional project areas in Tyler and Polk Counties,
onshore East Texas, as well as onshore North Slope of Alaska, is
pleased to announce the appointment of Mr Jeremy Brest as
Non-Executive Director of Pantheon with immediate effect.
Jeremy has more than 20 years' experience in investment banking
and financial advisory and is the founder of Framework Capital
Solutions, a boutique Singapore-based advisory firm specializing in
structuring and execution of private transactions. Prior to
founding Framework, Jeremy was the head of structuring for
Indonesia at Credit Suisse, and a derivatives trader at Goldman
Sachs.
Jeremy holds a JD/MBA from Stanford University and an AB in
Mathematics (with Distinction) from Swarthmore College.
Jay Cheatham, CEO of Pantheon Resources, said:
"We are delighted to announce that Jeremy will be joining the
Board. Jeremy was nominated by Great Bear for the position of
Non-Executive Director, and having now worked with him for well
over a year it is clear to me that his commercial acumen,
intelligence, work ethic and experience will benefit the Company
greatly going forward."
Further disclosures on Mr Brest as required under Schedule Two,
paragraph (g) (i)-(viii) of the AIM Rules are as follows:
Director's interest in shares
At the date of appointment, Mr Brest does not have a direct
interest in Pantheon and has an indirect interest in the Company as
described below:
Mr Brest's interest results from the direct and indirect holding
of Pantheon by Westman Management Limited ("Westman"), of which Mr
Brest is the sole director. Westman holds 327,869 ordinary shares
of Pantheon and holds approximately 5.3% interest in Ursa Major
Holdings LLC ("UMH"). UMH has an indirect interest in Pantheon
through Great Bear Petroleum Operating LLC ("GBPO") as a result of
the acquisition of the Great Bear Companies by Pantheon announced
on 21 December 2018. UMH holds an approximately 50% interest in
GBPO. GBPO has a beneficial interest in approximately 28 million
ordinary shares. 26 million of these ordinary shares are held by
CHONS LLC on behalf of GBPO. GBPO also owns approximately 88
million non-voting shares convertible into ordinary shares, 4.8
million warrants exercisable into convertible non-voting shares in
the Company with strike price of GBP0.30 per share, and options
over approximately 49 million shares in the Company presently owned
by CHONS LLC, of which approximately 30.7 million are currently
exercisable into ordinary shares and 13.3 million are exercisable
into convertible non-voting shares.
Mr Brest's interest in the shares held by GBPO is variable based
on the distribution mechanisms established by the limited liability
company agreements of UMH and Great Bear Petroleum Holdings LLC
("GBPH", a parent company of GBPO). This interest changes with
fluctuations of exchange rates, the Company's share price, and
other factors.
In addition to this financial interest, Mr Brest is one of two
Managing Member Designees GBPH. Collectively, the two Managing
Member Designees of GBPH direct the affairs of GBPO.
Jeremy Brest (age 50), has held the following directorships
and/or partnerships in the past five years:
Current Directorships Previous directorships
Framework Capital Solutions Pte Luminescence Pte Ltd
Ltd
------------------------------------
Westman Management Limited Conrad Petroleum OM Pte Ltd (f.k.a.
Conrad Petroleum Anambas Pte Ltd)
------------------------------------
Snow Canyon Holdings Limited Arctos Holdings Pte Ltd
------------------------------------
Snow Canyon Investments Limited
------------------------------------
Whimbrel Group Holdings Limited
------------------------------------
Whimbrel Investments Limited
------------------------------------
Ursa Major Holdings LLC
------------------------------------
Great Bear Petroleum Holdings LLC
------------------------------------
Conrad Petroleum Pte Ltd
------------------------------------
Wei Capital Pan-Asia Master Fund
------------------------------------
Wei Capital Pan-Asia Offshore Feeder
Fund
------------------------------------
Indigo Financial Services Pte Ltd
------------------------------------
Indigo Logistics Pte Ltd
------------------------------------
GSL Indonesia Pte Ltd
------------------------------------
Indigo Asia Holdings Limited
------------------------------------
Indigo Asia Investments Limited
------------------------------------
Indigo Asia Pte Ltd
------------------------------------
Tiga Duo Investments Pte Ltd
------------------------------------
Tiga Resources Indo 1 Pte Ltd
------------------------------------
Tiga Resources Holdings 1 Pte Ltd
------------------------------------
AJA Consulting Pte Ltd
------------------------------------
Flip Health Pte Ltd
------------------------------------
There is no further information to be disclosed in relation to
Mr Brest's appointment pursuant to AIM Rule 17 or paragraph (g) of
Schedule Two of the AIM Rules for Companies.
-ENDS-
Further information:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Arden Partners plc (Nominated Adviser and broker) +44 20 7614 5900
Paul Shackleton
Daniel Gee-Summons
Blytheweigh (PR)
Tim Blythe
Julia Tilley +44 20 7138 3204
Notes to Editors
Pantheon Resources plc is an AIM listed Oil & Gas
exploration and production company with assets in East Texas and on
the North Slope of Alaska, onshore USA.
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 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 an order of
magnitude below that of offshore wells.
In East Texas, Pantheon holds a 50% to 75% working interest
("WI") in several conventional prospects in Tyler & Polk
Counties, in an area of abundant regional infrastructure, and in
proximity to the prized Double A Wells Field. Pantheon has the
ability for this working interest position to increase to 100%
should the minority partner not be in a position to meet its pro
rata share of future drilling and operating costs.
In Alaska, following its acquisition of the assets of Great Bear
Petroleum in January 2019, Pantheon holds working interests ranging
between 75% and 90% of prospects covered by circa 1,000 square
miles of 3D seismic which have a potential P50 Technically
Recoverable Resources (gross) estimated at over 1.2 billion barrels
of oil.
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
The information contained within this RNS is considered to be
inside information prior to its release.
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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END
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October 02, 2019 02:59 ET (06:59 GMT)
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