Pantheon Resources, where ex-Merrill Lynch luminary Sue Graham is a key player, has raised £10 million for Texan prospects.

Broker Oriel Securities says the placing for Pantheon at £1, which puts a £15 million value on the company, is 'all done'. The flotation involves gas assets indirectly made available by ex-Nomura star Simon Fry's AIM-quoted Crosby Capital Partners.

Pantheon's chief asset is 25 per cent of the Padre Islands gas leases off the coast of South Texas, which have been farmed out by Aussie-quoted Golden Gate Petroleum and UK-based Lodore Resources. Following recent deals, Lodore is now owned by IB Daiwa, a former Japanese textile group being turned by its recent acquirer Crosby into an aggressive resources group.

Pantheon has agreed to pay a £137,000 deposit and a £600,000 lease payment once the farm-out deal has been finalised. The company will also pay a third of costs of drilling down to pre-agreed depths and then 25 per cent of future expenses.

As long as current sector support persists, Pantheon should attract a following.

Crosby Asset Management	AIM	£8.84m	3.63p	0.00p
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