Based on i) Pantheon Resources' $96m capital raise consisting of a $41m equity raise at 65p and $51m of convertible bonds with a conversion price of 78p and ii) the rising price of crude oil, we are increasing our fair value estimate for Pantheon Resources to 184p from 172p. For reference, we have increased our Brent oil price estimate to $87/b, up from $80/b, which we inflate at 1% per annum starting in 2023. Pantheon Resources' near-term drilling and testing operations, represent, in our opini ....
