Pantheon Resources, the oil and gas company developing the Kodiak and Ahpun oil fields on Alaska's North Slope, has announced its unaudited interim results for the six months ended 30 June 2026, together with corporate updates regarding completion of its 2026 seismic reprocessing project, ongoing farm-out discussions and a working capital update.
Operational highlights
- Alaska remains at the forefront of domestic US oil and gas exploration interest, with geopolitical and energy security considerations strengthening Alaska's importance within North American and Asian energy markets.
- Pantheon commenced a comprehensive seismic reprocessing programme for the Kodiak field in February 2026, and the first stage has been completed on schedule and within budget. The new data shows significant improvement, with higher resolution images of the Kodiak basin-floor fan interval, including detailed architecture, reservoir continuity and sand-body distribution as well as other material prospects above and below the primary target interval. In addition, the follow-on Amplitude vs Offset (AVO) seismic analysis conducted by a third-party specialist vendor is consistent with hydrocarbon presence throughout the Kodiak reservoir. These results have significantly increased the Company's confidence in the extent and continuity of the Kodiak resource such that an increase of at least 25% to the Company's existing 2C estimate of recoverable resources for the Kodiak asset, well within the established 3C figure, is expected. This represents a preliminary view by management and the evaluation incorporating the reprocessed seismic data remains ongoing with a formal resource estimate to be released as soon as practicable.[1]
- Since starting a process to identify a farm-out partner in March 2026, Pantheon has attracted strong interest from major, intermediate and independent energy companies, as well as financial investors. There has been a high degree of industry interest with a significant number of counterparties having participated in the process.
- Advanced farm-out discussions continue with ten parties currently active in the data room at various stages of evaluation and negotiation. Pantheon has received one firm proposal, but the Board decided to continue with other negotiations that will likely lead to a better outcome for shareholders. The enhanced seismic data has been made available to all parties participating in the data room. Completion of the seismic reprocessing project is expected to be a positive driver for both the farm-out process and future development planning.
- Management remains focused on preserving liquidity while progressing the farm-out process, seismic reprocessing project and development planning activities. The Company successfully reduced administrative expenses by 22% compared with the same period in 2025. The Company is not contemplating drilling on a standalone basis during the coming Winter season.
- The proposed Alaska LNG Project and its associated gas pipeline continue to represent a significant long-term opportunity for the State of Alaska and Pantheon. While recent political delays have extended timelines, Pantheon continues to anticipate eventual State approval and execution timing consistent with the Company's development needs.
- In January 2026, the Company raised US$10 million and stated at the time that the proceeds, together with existing cash resources, were expected to provide sufficient working capital into the fourth quarter of 2026. The Company has managed its cash resources carefully and now expects its existing resources to support the business through to around year-end. In the absence of a completed farm-out, the Company estimates that it would require approximately US$15 million of additional working capital to support the business through to the end of 2027 and may, from time to time, raise additional working capital as appropriate. The Company has received supportive indications of interest from Oak Securities and several institutional investors regarding potential investment, with IPGL - the family office established by Michael Spencer (Chair of Pantheon) - expected to participate pro-rata in any event.
Financial highlights for the six months ended 30 June 2026
'H1 2025' refers to the six months ended 30 June 2025
- Interim results remain in line with expectations, with available cash guidance until approximately year end.
- Operating loss of $6.1 million (H1 2025: $7.9 million).
- Loss of $9.2 million (H1 2025: Net income of $2.7 million).
- Administrative expenses reduced by 22% to $5.3 million (H1 2025: $6.8 million).
- Share-based payment expense of $0.8 million (H1 2025: $1.2 million) represents the portion of the grant-date fair value of RSUs and share options recognised as an expense during the Period.
- Convertible bonds revaluation of the derivative liability resulted in a loss of $1.1 million (H1 2025: gain of $12.9 million).
- During the Period, the Company raised approximately $10.0 million (before expenses) through an equity placing in January 2026.
- Exploration and evaluation assets increased by $1.7 million, or 0.4%, to $383.3 million at 30 June 2026, compared with $381.6 million at 31 December 2025.
- As of 30 June 2026, management determined that no impairment indicators were present, and therefore no impairment charges were recorded during the Period.
- As at the 30 June 2026, the Company's cash and cash equivalents was $10.2 million (31 December 2025: $24.5 million). The Company's latest cash balance at 11 September 2026, was $5.5 million.
Outlook
- The Company continues to progress farm-out discussions, development planning and resource evaluation activities, with management focused on securing a farm-out partner that reflects the value of the Company's assets and maximises shareholder value.
Max Easley, CEO of Pantheon Resources, commented:
'The completion of our 2026 Kodiak seismic reprocessing project has proved very valuable and yielded extremely positive results. The enhanced data provides greater clarity, greater certainty and likely greater recoverable resources across the Kodiak asset. Access to the newly reprocessed seismic data has generated significant interest and remains an important part of our ongoing farm-out discussions. Participation in the farm-out discussions continues to be strong, with multiple parties actively engaged, and we remain focused on securing a transaction that appropriately reflects the value of our assets.'
Michael Spencer, Chair of Pantheon Resources, added:
'I am highly confident in the quality of Pantheon's assets and the significant opportunity ahead. The new seismic data further strengthens our understanding of Kodiak and builds even greater confidence of a near-term development. I am fully assured of management's ability to execute our strategy in the best interests of our shareholders. Our priority is to secure the right strategic partner on the right terms while maintaining financial discipline and positioning the Company to deliver maximum value for shareholders.'
Source: Pantheon Resources
