LONDON, UK / ACCESS Newswire / December 30, 2025 / Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun oil fields immediately adjacent to pipeline and transportation infrastructure on Alaska's North Slope, announces its results for the financial year ended 30 June 2025 ("Financial Year 2025").
Financial Year 2025 and Subsequent Operational Highlights
Appointed seasoned energy executive Max Easley as Chief Executive Officer, who brings extensive upstream experience from senior roles at BP, Apache and PETRONAS Canada.
Further strengthened executive capability with appointment of senior U.S. finance executive Tralisa Maraj as Chief Financial Officer who brings more than 25 years of finance and capital markets experience with PwC, Remora Oil & Gas, CGX Energy, and LiveWire Group Inc. and Erich Krumanocker appointed as Chief Development Officer, bringing decades of international and domestic experience.
Appointed Alaska policy veteran Marty Rutherford to the Board of Directors.
Drilled and completed Megrez-1 exploration well. Although no hydrocarbons flowed to surface during flow testing period, it remains a development target for the future once permanent facilities enable longer-term, cost-effective flowback and processing.
Drilled and completed Dubhe-1 appraisal well in the Ahpun reservoir. Dubhe-1 was flow tested for 2 months prior to being shut in for static reservoir testing with an intention to restart further production testing in 2026.
Momentum continued on the proposed Alaska Natural Gas Pipeline (Alaska LNG - Phase 1) with Glenfarne Alaska LNG becoming the lead developer and making significant progress securing strategic partnerships, regulatory approvals and commercial interest from major Asian buyers and suppliers. Pantheon remains engaged with Glenfarne in working towards a Gas Sales Agreement, following the Gas Sales Precedent Agreement, signed in 2024.
Continued advancement on development planning, hot tap and environmental permitting for the Company's material resource position - in 2024, three separate Independent Expert Reports, certified a combined total of c. 1.6 billion barrels of ANS Crude and 6.6 trillion cubic feet ("Tcf") natural gas.
Financial Year 2025 and Subsequent - Financial & Corporate Highlights
Total comprehensive loss after taxation totalled $5.0 million in Financial Year 2025 (2024: $13.4m). The decrease was primarily due to non-cash accounting items related to the convertible bonds, offsetting an increase in G&A.
During Financial Year 2025, the Company successfully raised approximately $64.0 million (before costs) through a combination of Convertible Bond and equity issuances. Proceeds were primarily used the Megrez-1 drilling programme, preparatory activities for the Dubhe-1 well, and general and administrative expenditures.
Subsequent to financial year-end, the Company raised a further $46.25 million (before costs). These funds are being deployed to support execution of the Dubhe-1 work programme and to meet ongoing corporate and administrative requirements.
At 30 June 2025, Cash, cash equivalents and term deposits totaled $13.2 million (2024: $7.9m).
Fully paid off the Heights convertible bond, reducing notional principal outstanding from $9.8 million at 30 June 2025 (2024: $24.5 million) to $nil in December 2025.
David Hobbs, Executive Chairman of Pantheon Resources, said: "Financial Year 2025 was a year of continued investment and preparation for Pantheon as we worked to strengthen the foundations of the business. Following the 2024 independent certification of our resource base, in 2025 we focused on building the organisational, technical and governance capabilities required to support the Company's targeted transition toward potential development activities. This included further investment in our team, systems and project planning, while maintaining a disciplined approach to capital allocation.
"During the year, we also made progress advancing key strategic and technical initiatives, including engagement with Glenfarne in connection with the proposed Alaska LNG project, ongoing work related to the Environmental Impact Statement and Trans Alaska Pipeline System (TAPS) engineering, and ongoing appraisal activities at Dubhe-1. The appointments of Max Easley as Chief Executive Officer and Tralisa and Erich to the Executive Team further strengthen the Company's leadership and financial oversight as we continue to evaluate development pathways on behalf of our shareholders."
Annual Report and Accounts
The Annual Report and Accounts for the financial year ended 30 June 2025 will be posted to shareholders shortly, with a Notice of Annual General Meeting ("AGM") to follow thereafter. Precise details will be advised in due course. As in recent years, the presentation portion of the AGM will be held by webinar to enable participation by all shareholders and investors. Copies of the presentation will be available before the AGM on the Company's website at www.pantheonresources.com.
-ENDS-
Further information:
Pantheon Resources plc |
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Canaccord Genuity Limited (Nominated Adviser, andJoint Broker) |
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Oak Securities (Joint Broker) |
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BlytheRay (Corporate Communications) |
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MZ Group (USA Investor Relations Contact) | +1 949 259 4987 |
This Announcement is released by Pantheon Resources plc and contains inside information for the purposes of Article 7 of UK MAR. It is disclosed in accordance with the Group's obligations under Article 17 of UK MAR.
About Pantheon Resources
Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its 100% owned Ahpun and Kodiak fields located on State of Alaska land on the North Slope, onshore USA. Independently certified best estimate contingent recoverable resources attributable to these projects currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas. The Company owns 100% working interest in c. 259,000 acres.
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of approximately $5 per barrel of recoverable resources by end 2028. This is based on bringing the Ahpun field forward to FID and producing into the TAPS main oil line (ANS crude) by the end of 2028. The Gas Sales Precedent Agreement signed with AGDC provides the potential for Pantheon's natural gas to be produced into the proposed 807 mile pipeline from the North Slope to Southcentral Alaska during 2029. Once the Company achieves financial self-sufficiency, it will apply the resultant cashflows to support the FID on the Kodiak field planned, subject to regulatory approvals, targeted by the end of 2028 or early 2029.
A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.
The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl of ANS crude and 5,396 bcf of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources of 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
Please refer to the attached PDF document to view the full announcement:
http://www.rns-pdf.londonstockexchange.com/rns/1202N_1-2025-12-30.pdf
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SOURCE: Pantheon Resources PLC
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/oil-gas-and-energy/pantheon-resources-plc-announces-final-results-for-the-year-ended-30-june-2025-1122227
