The Directors of Pantheon Resources plc ("Pantheon" or "the Company") regret that the Company will be unable to publish its audited annual report and accounts for the year ended 30 June 2019 (the "Accounts") by 31 December 2019 as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules").
The delay has been caused by the technical complexities in the course of the audit which primarily relate to the accounting of the acquisitions of Great Bear and Vision. As part of this process a third-party report is required for the auditor to independently confirm the directors estimate of the oil in place and recoverable oil for the Alkaid/Phecda discovery project. While Pantheon expected to have received this report by now, it is now estimated to arrive in the third week of January. Accordingly, the directors believe that the financial results for the year ended 30 June 2019 will be published by the end of January 2020 and the directors are confident that when published the accounts will show the benefit to shareholders of the acquisitions.
Dealings in the Company's ordinary shares will be temporarily suspended under AIM Rule 40 with effect from 7.30a.m. on 2 January 2020, until such time as the Accounts have been duly published in compliance with AIM Rule 19.
Notwithstanding the temporary suspension of trading in the Company's ordinary shares, the Company will continue to make announcements as and when there are any developments that require disclosure under the AIM Rules. Further announcements will be made as and when appropriate.