Pantheon Resources PLC (AIM:PANR, OTCQX: PTHRF) ("Pantheon"), an oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, announced its results for the year ended 30 June 2024.
Fiscal 2024 and Subsequent Operational Highlights
- Receipt of three separate Independent Expert Reports, certifying a combined total of c. 1.6 billion barrels of ANS Crude and 6.6 trillion cubic feet ("Tcf") natural gas
- Refreshed corporate strategy with an objective to deliver financial self-sufficiency and sustainable market recognition of a value of $5 - $10 per barrel of recoverable resources by 2028
- Signed a Gas Sales Precedent Agreement with Alaska Gasline Development Corporation ("AGDC") for the proposed long term supply of natural gas to Phase 1 (pipeline component) of the Alaska LNG project
- Alaska Industrial Development and Export Authority resolved to provide letter of credit support to AGDC removing impediments to the start of Front End Engineering Design on Phase 1 of the proposed Alaska LNG project.
- Strengthened Board with appointment of two well qualified independent non-executive directors
- Commencement of work on Environmental Impact Statement submission and engineering hot-tap into the Trans-Alaska Pipeline System ("TAPS") main oil line
- Awarded an additional c. 66,000 acres of leases following the December 2023 Alaska lease sale
- Spudded the Megrez-1 well on the Ahpun, Eastern Topset
Fiscal 2024 Financial & Corporate Highlights
- Total comprehensive loss for the year of $11.6 million, as compared to $4.6 million in fiscal 2023, with non-cash items accounting for the majority of the year-over-year change
- Reduced convertible loan balance to $17.2 million as of 9 December 2024 (further reducing to $14.7 million on 13 December), from $24.5 million at 1 July 2023.
- Cash and cash equivalents at 30 June 2024 totalled $7.9 million, as compared to $20.7 million as of 30 June 2023. 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.
David Hobbs, Executive Chairman of Pantheon Resources, said: "The past 18 months have seen extraordinary progress in three key areas. We received independent validation of the Company's contingent resources base at 1.6 billion barrels of ANS crude. We funded and are executing the Megrez-1 well programme, with its potential to add up to a further c. 40% to the overall resource base. We 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 FID."
Annual Report and Accounts
The Annual Report and Accounts for the financial year ended 30 June 2024 will be posted to shareholders shortly, together with a Notice of Annual General Meeting ("AGM") which is scheduled for late January, 2025. As in recent years, the presentation portion of the AGM will be held by webinar to enable participation by all shareholders and investors. Details of the webinar will be provided in due course.
