AIM-listed Pantheon Resources, the oil and gas company with a 100% working interest in the Kodiak and Ahpun projects, collectively spanning 258,000 contiguous acres in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, has announced its interim results for the six months ended 31 December 2024, together with operational highlights for the half year and the period beyond.
Highlights
Operational and Corporate
- Appointed accomplished energy executive Max Easley as Chief Executive Officer, succeeding Jay Cheatham
- Drilled the Megrez-1 test well as an appraisal of the Ahpun East project area - Megrez-1 exceeded pre-drill expectations with total of 1,340 ft of interpreted net pay. Flow testing of Upper Schrader Bluff Topset 1 will begin this week
- Agreed a $35.0 million convertible bond issuance, led by Sun Hung Kai & Co. Ltd., expected to close by the end of March 2025 leading to sufficient liquidity to test six horizons in the Megrez-1 well and further delineate the Ahpun East area during summer of 2025
- Continued progress on development planning to support the goal of Ahpun FID towards the end of CY 2027
- Saw materially increasing support from federal and state governments on Phase 1 of the Alaska LNG project (the gas pipeline component) that is anticipated to be supplied under the terms of the Gas Sales Precedent Agreement between the Company and pipeline proponents
- Continued preparations towards a U.S. listing aimed at leveraging the results of the Megrez-1 well, to support the goal to maximise shareholder value while minimising potential dilution
Financial
- After tax loss for the period $6.9 million vs six months ended Dec 31 2023 ("1H FY 2024") net loss $7.4 million
- G&A at $4.6 million (1H FY 2024: $4.0 million), reflecting the growth in the organisation as it progresses towards Ahpun project FID
- Cash on hand 31 December 2024: $19.3 million (1H FY 2024: $0.2 million) and cash on hand on 24 March 2025: $9.1 million. Additional $35m before costs expected to be received in the coming days upon closing of the new convertible bond
- US GAAP accounts prepared in preparation for U.S Listing. Non-cash prior period adjustment following review to reflect a technical accounting correction associated with the original valuation of the noncash components of the cost of acquisition of Great Bear companies in 2019. The carrying value of these assets remains unchanged
David Hobbs, Executive Chairman of Pantheon Resources, commented:
'Pantheon has built upon the positive momentum during the six months to 31 December 2024 and so far this year on a number of levels. We anticipate the results of the Megrez-1 well flow testing (beginning this week) will upgrade our already substantial resource base and that continued progress on the Alaska LNG Phase 1 project will expand our funding options as we move to development of Ahpun and then Kodiak.
'We are delighted to welcome Max Easley as CEO. His experience from a successful career at BP, Apache and PETRONAS make him the ideal candidate to drive the transition from exploration and appraisal to development and production. We are pleased that Jay has agreed to remain on the Board to assist with the transition.
'We would like to thank our shareholders for their continuing support as we prosecute our strategy - maintaining a disciplined approach, focused on what moves us towards achieving Pantheon's strategic goal of delivering sustainable market recognition of at least $5 per barrel of 1C/1P recoverable resources while seeking to minimise dilution of shareholder value.'
Source: Pantheon Resources
