PANTHEON RES PLC ORD - PTHRF STOCK NEWS

Pantheon Resources announced its financial results for the year ended June 30, 2024. Key highlights include certification of 1.6 billion barrels of ANS Crude and 6.6 Tcf natural gas reserves by Independent Expert Reports. The company signed a Gas Sales Agreement with AGDC for Alaska LNG project supply and acquired 66,000 additional acres in Alaska.

Financial results show a total comprehensive loss of $11.6 million, up from $4.6 million in 2023. Cash position decreased to $7.9 million as of June 2024 from $20.7 million in June 2023, though unaudited cash reached $23.7 million by December 2024. The convertible loan balance was reduced to $17.2 million from $24.5 million.

The company is currently executing the Megrez-1 well programme, which could potentially increase resource base by 40%.

Pantheon Resources announces significant progress in its Alaska LNG project as the Alaska Industrial Development and Export Authority (AIDEA) approves a resolution to negotiate a letter of credit with Alaska Gasline Development (AGDC) for the Front End Engineering and Design (FEED) of Alaska LNG Phase 1 pipeline.

This development follows Pantheon's Gas Sales Precedent Agreement (GSPA) signed with AGDC in June 2024. The potential take or pay contract under the Gas Sales Agreement could enable Pantheon to secure funding for capital costs from Ahpun FID to cash-flow self-sufficiency. The resolution marks a important step toward securing private investment and advancing to Final Investment Decision (FID).

Pantheon Resources, an oil and gas company developing the Kodiak and Ahpun oil fields on Alaska's North Slope, has announced its participation in the upcoming Sidoti Small-Cap Investor Conference on December 4-5, 2024. Executive Chairman David Hobbs will conduct virtual one-on-one meetings with institutional investors and deliver a presentation on Wednesday, December 4, 2024, at 9:15 a.m. Eastern Time. The presentation will be accessible via webcast, with mandatory registration required for conference participation.

Pantheon Resources has issued 9,108,756 new ordinary shares through a private placement at US$0.2878 per share, raising US$2.622 million. The funds will be used to settle the quarterly principal repayment of US$2.45 million and interest payment of US$0.1715 million for convertible bonds due June 2026. The placement price represents a 10% discount to the 10-day VWAP up to November 18, 2024. After the repayment, the remaining principal under the Convertible Bond will be reduced to US$14.7 million. The timing of this placement is strategic to avoid potential conflicts with the Megrez-1 well drilling period.

Pantheon Resources announces the spudding of the Megrez-1 well to explore eastern topsets in the Ahpun field, Alaska. The well targets three topset horizons with an estimated 2U Prospective Resource of 609 million barrels of ANS Crude and 3.3 trillion cubic feet of natural gas. The reservoir sections are younger and shallower than previous wells, with predicted superior characteristics. The company contracted the Nabors 105AC rig, with the gravel pad construction completed in October for year-round operations. The well's location adjacent to pipeline and road infrastructure could significantly impact Ahpun field development economics.

Pantheon Resources has appointed MZ Group as its corporate & financial communications advisor to enhance its USA presence. MZ Group will lead strategic investor relations and financial communications, focusing on North America. The initiative includes coordinating non-deal roadshows and investment conferences across key USA cities, along with building brand awareness through financial and social media outlets. The company is developing the Kodiak and Ahpun oil fields in Alaska's North Slope, with plans to spud the Megrez-1 well. Pantheon aims to achieve market recognition of $5-10/bbl for its discovered contingent recoverable resource of approximately 1.6 billion barrels of marketable liquids by 2028.

Pantheon Resources plc has successfully upgraded to the OTCQX Best Market from the Pink Market, now trading under the ticker symbol PTHRF. This transition aims to enhance visibility and accessibility for U.S. investors. The company holds a 100% working interest in oil projects across approximately 153,000 acres on the Alaska North Slope, close to critical transportation infrastructure, which facilitates lower capital costs and faster development. CEO Jay Cheatham emphasized the importance of this move for providing transparent trading to U.S. investors.