RE: NPRA1 Jan 2025 15:24
Latest news from Pantheon Resources (PANR.L PTHRF P3K.F) announced the Megrez-1 well as a discovery in the eastern topsets of the Ahpun field. The well has reached target depth and the company has run production casing in anticipation of long term testing commencing early 2025. The well has discovered a large light liquids hydrocarbon column based on logs and gas chromatography and analysis indicates three hydrocarbon bearing zones over an approximate 1,260 foot vertical section, including the two primary objective formations. Separately, Pantheon announced results for the year ended 30 June 2024. The company reduced its convertible loan balance to $17.2 million as of 9 December 2024, further reducing to $14.7 million on 13 December. As of 9 December 2024, unaudited cash and cash equivalents totalled $23.7 million, which are currently funding the ongoing Megrez-1 well operations, with the majority of the costs remaining to be spent. Per David Hobbs, Executive Chairman, the past 18 months have seen extraordinary progress in three key areas. Pantheon received independent validation of the company's contingent resources base at 1.6 billion barrels of ANS crude, funded and is executing the Megrez-1 well programme, with its potential to add up to a further c. 40% to the overall resource base and secured a path to potential monetisation of the 6.6 trillion cubic feet of natural gas in a way that may support the development capital needs from Ahpun first investment decision. The main challenge for the share price has been and remains the convertible debt and until it is gone, the share price struggles to rise, increasing the dilutive effect of financings…more