Pantheon Resources has raised $30million through a successful round of share placing.
The firm, which has a 50% working interest in several projects in Tyler and Polk Counties in East Texas, said the cash boost will fund additional drilling and new acreage plans.
Chief executive Jay Cheatham said: “The successful completion of our substantially oversubscribed placing to raise $30million is an exceptional achievement.
“I always maintained that Pantheon’s projects were the most exciting in my career. With this placing and the support from existing and new institutional shareholders we have derisked the company and have the funding to accelerate the pace of development and exploitation drilling across our acreage position, taking advantage of a low cost environment. With money in the bank we will immediately begin preparations to spud our next well, which will be a horizontal development well offsetting VOBM#1. Subsequent wells will follow immediately thereafter. 2016 will certainly be an exciting year for Pantheon.”
A total of 18,354,293 new ordinary shares in Pantheon at a price of 115 pence per placing share.