Pantheon Resources plc Share News (PANR)

(Sharecast News) - Pantheon Resources reported a reduced after-tax loss of $6.9m for the six months ended 31 December 2024, down from $7.4m in the same period a year earlier, as it progressed key developments at its 100%-owned Kodiak and Ahpun oil and gas projects on Alaska's North Slope.

The AIM-traded firm said general and administrative expenses rose to $4.6m from $4m, reflecting organisational growth in support of advancing the Ahpun project toward a final investment decision targeted for the end of 2027.

Cash at period-end stood at $19.3m, compared to just $0.2m a year earlier.

As of 24 March, cash had decreased to $9.1m, with an additional $35m in gross proceeds expected imminently from a convertible bond led by Sun Hung Kai.

Operationally, Pantheon drilled the Megrez-1 appraisal well at Ahpun East, which exceeded pre-drill expectations with 1,340 feet of interpreted net pay.

Flow testing of the Upper Schrader Bluff Topset 1 reservoir was set to begin this week.

Proceeds from the convertible bond would fund further testing of up to six horizons in Megrez-1 and support delineation work through the summer.

The company was also preparing for a potential US listing, leveraging progress at Megrez-1 to enhance visibility and support shareholder value while minimising dilution.

At the same time, Pantheon noted increasing federal and state support for phase one of the Alaska LNG project, to which it was linked via a gas sales precedent agreement.

During the period, Pantheon also appointed Max Easley as chief executive officer, succeeding Jay Cheatham, and restated prior-period US GAAP accounts to reflect a technical accounting correction related to the 2019 acquisition of the Great Bear companies.

The carrying value of the associated assets remained unchanged.

"Pantheon has built upon the positive momentum during the six months to 31 December and so far this year on a number of levels," said executive chairman David Hobbs.

"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."

Hobbs said the company was "pleased" that Jay Cheatham had 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."

At 1019 GMT, shares in Pantheon Resources were down 0.61% at 65.4p.

Reporting by Josh White for Sharecast.com.