BLP advises Pantheon Resources plc on successful placing of shares to raise $30m

International law firm Berwin Leighton Paisner (BLP) has recently acted for Pantheon Resources plc, the AIM listed oil and gas exploration and production company, on its placing which targeted $25m but with strong demand raised $30m.  The placing was conducted through an accelerated bookbuild process with Stifel Nicholas Europe acting as bookrunner for the placing. Akin Gump advised Stifel.

This was the first significant raise by an Oil & Gas company of 2016.

The transaction followed on from a placing for Pantheon which the team acted on in October 2014 where Pantheon raised $30m at 20p per share. The 2016 placing was conducted at 115p per share following a successful drilling campaign in 2015, making Pantheon one of the stand out successes in the sector. Even after announcement of the placing, the shares closed up at 132p a share making Pantheon one of the largest Oil & Gas companies on AIM with a market capitalisation of over £250m.

Adam Dann, Head of Finance, commented: “This was a very significant raise for Pantheon and the AIM market. Against the difficulties for Oil and Gas companies in 2015, Pantheon is one of the standout performers and it’s great to see the market continue to support Pantheon and its drilling campaign for 2016.”

The team was led by partners Adam Dann and Alexander Keepin, with assistance from associate Olga Shiryaeva and senior associate Tim Sumner.


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