Pantheon Resources Reflects on Year of Organisational Development and Capital Investment

Pantheon Resources PLC has characterised the 2025 financial year as a period dedicated to strengthening its operational foundations and preparing for potential development activities. Chair David Hobbs emphasised that the company prioritised building organisational, technical and governance capabilities whilst maintaining a disciplined approach to capital allocation throughout the twelve-month period ending 30 June.

The company executed significant changes to its leadership structure during the year, appointing Max Easley as Chief Executive Officer and adding Tralisa and Erich to the executive team. These appointments were designed to enhance leadership capacity and financial oversight as the company evaluates various development pathways.

On the operational front, Pantheon advanced several strategic initiatives including engagement with Glenfarne regarding the proposed Alaska LNG project. The company also progressed work related to the Environmental Impact Statement and Trans Alaska Pipeline System engineering whilst conducting ongoing appraisal activities at the Dubhe-1 site.

The financial results showed a total comprehensive loss of $5 million for the financial year. To fund its activities, Pantheon raised $64 million before costs through a combination of convertible bonds and equity instruments. These proceeds supported the drilling programmes at Megrez-1 and Dubhe-1, alongside general corporate expenses. The company secured an additional $46.25 million in funding after the year-end to maintain ongoing operations.

Drilling activities yielded mixed results during the period. The Megrez-1 exploration well, completed in late 2024, encountered oil-bearing zones but failed to produce hydrocarbons during flow testing. Management considers the site a potential future development opportunity. The Dubhe-1 well, drilled in the Ahpun reservoir, underwent completion and flow testing over a two-month period. It is currently shut in for static reservoir testing, with additional production testing scheduled for 2026.

Pantheon maintains estimated contingent recoverable resources of approximately 1.6 billion barrels of crude oil and 6.6 trillion cubic feet of associated natural gas across its project portfolio. The company’s focus on organisational development and technical preparation positions it for the transition towards potential development activities in future periods. The share price is currently trading at 8.32p, a 78% drop from it’s yearly highs which reflect the significant risk in the current play.