Pantheon Resources PLC Acquisition of controlling interest in Vision (9425M)
January 14 2019 - 2:00AM
UK Regulatory
TIDMPANR
RNS Number : 9425M
Pantheon Resources PLC
14 January 2019
14 January 2019
Pantheon Resources plc
Acquisition of controlling interest in Vision
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with a 50% - 75% working
interest in several conventional project areas in Tyler and Polk
Counties, onshore East Texas, announces that, further to the
announcement on 17 December 2018, Pantheon has reached agreement
with Kaiser Francis and associated limited partners ("KF") to
acquire KF's 66.6 per cent ownership of Vision Gas Limited and
Vision Resources LLC (together, "Vision") including its working
interest in the VOS#1 well 33.3 per cent and associated Tyler
County acreage. Vision Gas Limited owns certain physical assets and
its intellectual property (comprising, inter alia, seismic, well
logs, and production histories).
The acquisition allows Pantheon to assume management control of
the Vision entities.
As consideration, Pantheon will issue to KF 3.5 million new
fully paid ordinary shares (the "New Ordinary Shares") in Pantheon
(the "KF Acquisition"). The New Ordinary Shares are subject to a
lock-up for three months.
As at 30 June, 2018 Vision had net assets with a book value of
approximately US$3.8 million. Revenue for the year ended 31 Dec
2017 was US$0.2 million and losses attributable to Vision for the
same period were approximately US$0.8 million.
The Company remains in negotiations with the estate of Bobby
Gray to acquire the remaining interest in Vision and increase
Pantheon's working interest to 100 per cent.
The KF Acquisition remains subject to admission of the New
Ordinary Shares to trading on AIM becoming effective in accordance
with Rule 6 of the AIM Rules, which is expected at 08:00 a.m. on 17
January 2019.
Jay Cheatham, CEO of Pantheon, said:
"The KF transaction is an important step in assuming control and
management of the Vision entities. Importantly, it paves the way
for Pantheon to assume operatorship and decision-making
responsibility for our East Texas assets into the future."
-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
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.
This information is provided by RNS, the news service of the
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END
ACQSFIEFDFUSELF
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January 14, 2019 02:00 ET (07:00 GMT)
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