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Providing coverage of Alaska and northern Canada's oil and gas industry
May 2023

Vol. 28, No.22 Week of May 28, 2023

Pantheon raises $22M for Alaska activities

Petroleum News

On May 17, Pantheon Resources announced that it raised approximately $22 million in an oversubscribed fundraise and retail offer.

Several existing and new institutional investors participated by way of a placing of 104,179,027 new shares in the AIM-quoted company.

According to the company's public relations firm the proceeds will be used to accomplish the following:

*Support flow testing of the Shelf Margin Deltaic in the shallow section of the Alkaid 2 well on Alaska's North Slope.

*Finance two separate independent expert reports from Netherland Sewell and Associates on Pantheon's Theta West and Alkaid projects.

*Prepare for the dynamic models and field development modelling by SLB (formerly Schlumberger).

*Complete the purchase of additional Alaska North Slope acreage.

*Provide general working capital for the group.

-PETROLEUM NEWS






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