Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it has raised $30 million through a placing and share subscription, priced at 25 pence, with the proceeds to support operations at the Dubhe-1 well site, along with development planning for the Ahpun project, and preparatory work for a US stock exchange listing.
"We have bolstered our liquidity to take us towards the anticipated US Listing and all development planning activities between now and then," said Pantheon executive chair David Hobbs.
"There was strong interest in the fundraise and the company scaled back demand to $30 million, and the 9% discount to the market closing price of 27.5p per share reflects that strong interest."
Hobbs added: "Operationally, we are on track to commence hydraulic stimulation and thereafter, flow testing operations in the coming weeks. Frac sand is already in Deadhorse and equipment is starting to mobilise - and overall, Dubhe-1 programme costs are tracking at or below original estimates."
The Pantheon chair added that testing the lateral section in the Dubhe-1 well, an important milestone for the company, and it's expected that it will start hydraulic stimulation and flow testing operations will take place in the coming weeks.
Earlier this week, Pantheon announced the successful drilling of the lateral section of the Dubhe-1 appraisal well. The well reached a total measured depth of 15,800 feet, with about 5,200 feet in the SMD-B reservoir, exceeding a pre-drill target of 3,000 to 4,000 feet.