Pantheon Resources PLC Announces Final Results for the Year Ended 30 June 2024
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 ha annunciato i risultati finanziari per l'anno conclusosi il 30 giugno 2024. Tra i principali risultati, la certificazione di 1,6 miliardi di barili di greggio ANS e 6,6 Tcf di riserve di gas naturale secondo rapporti di esperti indipendenti. L'azienda ha firmato un Accordo di Vendita di Gas con AGDC per la fornitura del progetto Alaska LNG e ha acquisito ulteriori 66.000 acri in Alaska.
I risultati finanziari mostrano una perdita complessiva totale di $11,6 milioni, in aumento rispetto ai $4,6 milioni del 2023. La posizione di cassa è diminuita a $7,9 milioni a giugno 2024, rispetto ai $20,7 milioni di giugno 2023, sebbene la cassa non verificata abbia raggiunto $23,7 milioni entro dicembre 2024. Il saldo del prestito convertibile è stato ridotto a $17,2 milioni da $24,5 milioni.
L'azienda sta attualmente eseguendo il programma del pozzo Megrez-1, che potrebbe potenzialmente aumentare la base delle risorse del 40%.
Pantheon Resources anunció sus resultados financieros para el año que terminó el 30 de junio de 2024. Los aspectos destacados incluyen la certificación de 1.6 mil millones de barriles de crudo ANS y 6.6 Tcf de reservas de gas natural según informes de expertos independientes. La compañía firmó un Acuerdo de Venta de Gas con AGDC para el suministro del proyecto Alaska LNG y adquirió 66,000 acres adicionales en Alaska.
Los resultados financieros muestran una pérdida integral total de $11.6 millones, frente a $4.6 millones en 2023. La posición de efectivo disminuyó a $7.9 millones a junio de 2024 desde $20.7 millones en junio de 2023, aunque el efectivo no auditado alcanzó $23.7 millones en diciembre de 2024. El saldo del préstamo convertible se redujo a $17.2 millones desde $24.5 millones.
La compañía está ejecutando actualmente el programa del pozo Megrez-1, que podría aumentar potencialmente la base de recursos en un 40%.
팬테온 리소시스(Pantheon Resources)는 2024년 6월 30일로 종료된 연도의 재무 결과를 발표했습니다. 주요 하이라이트는 독립 전문가 보고서에 의해 인증된 16억 배럴의 ANS 원유와 6.6 Tcf의 천연가스 매장량입니다. 이 회사는 알래스카 LNG 프로젝트 공급을 위한 AGDC와의 가스 판매 계약을 체결하고, 알래스카에서 66,000 에이커의 추가 토지를 인수하였습니다.
재무 결과는 2023년의 460만 달러에 비해 1160만 달러의 총 포괄적 손실을 보여주고 있습니다. 현금 위치는 2023년 6월 2070만 달러에서 2024년 6월에는 790만 달러로 감소했지만, 감사되지 않은 현금은 2024년 12월에 2370만 달러에 도달했습니다. 전환 가능 대출 잔액은 2450만 달러에서 1720만 달러로 줄었습니다.
회사는 현재 메그레즈-1 우물 프로그램을 수행 중이며, 이는 자원 기반을 40% 증가시킬 수 있는 잠재력이 있습니다.
Pantheon Resources a annoncé ses résultats financiers pour l'année terminée le 30 juin 2024. Les points clés incluent la certification de 1,6 milliard de barils de brut ANS et de 6,6 Tcf de réserves de gaz naturel par des rapports d'experts indépendants. L'entreprise a signé un accord de vente de gaz avec AGDC pour l'approvisionnement du projet Alaska LNG et a acquis 66 000 acres supplémentaires en Alaska.
Les résultats financiers montrent une perte globale de 11,6 millions de dollars, contre 4,6 millions de dollars en 2023. La position de liquidités a diminué à 7,9 millions de dollars en juin 2024, contre 20,7 millions de dollars en juin 2023, bien que les liquidités non auditées aient atteint 23,7 millions de dollars d'ici décembre 2024. Le solde du prêt convertible a été réduit à 17,2 millions de dollars, contre 24,5 millions de dollars.
L'entreprise est actuellement en train d'exécuter le programme de puits Megrez-1, qui pourrait potentiellement augmenter la base de ressources de 40%.
Pantheon Resources gab seine finanziellen Ergebnisse für das Jahr zum 30. Juni 2024 bekannt. Zu den wichtigsten Punkten gehört die Zertifizierung von 1,6 Milliarden Barrel ANS Rohöl und 6,6 Tcf Erdgas durch unabhängige Expertenberichte. Das Unternehmen unterzeichnete einen Gasverkaufsvertrag mit AGDC zur Lieferung des Alaska LNG-Projekts und erwarb zusätzlich 66.000 Acres in Alaska.
Die finanziellen Ergebnisse zeigen einen umfassenden Verlust von 11,6 Millionen USD, im Vergleich zu 4,6 Millionen USD im Jahr 2023. Die Liquiditätsposition sank bis Juni 2024 auf 7,9 Millionen USD, verglichen mit 20,7 Millionen USD im Juni 2023, obwohl das ungeprüfte Bargeld bis Dezember 2024 23,7 Millionen USD erreichte. Der ausstehende Betrag des Wandeldarlehens wurde auf 17,2 Millionen USD von 24,5 Millionen USD reduziert.
Das Unternehmen führt derzeit das Megrez-1-Bohrprogramm durch, das das Ressourcenpotenzial um 40% erhöhen könnte.
- Independent certification of 1.6 billion barrels of ANS Crude and 6.6 Tcf natural gas reserves
- Secured Gas Sales Agreement with AGDC for Alaska LNG project
- Acquired 66,000 additional acres in Alaska lease sale
- Reduced convertible loan balance from $24.5M to $17.2M
- Cash position improved to $23.7M by December 2024
- Increased annual loss to $11.6M from $4.6M year-over-year
- Cash decreased from $20.7M to $7.9M during fiscal year 2024
LONDON, UNITED KINGDOM / ACCESSWIRE / December 9, 2024 / Pantheon Resources PLC (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or the "Company"), 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, today 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 2028Signed 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 changeReduced 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.
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. Copies of the presentation will be available before the AGM on the Company's website at:
-ENDS-
UK Corporate and Investor Relations Contact
Pantheon Resources PLC
Justin Hondris
+44 20 7484 5361
contact@pantheonresources.com
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
U.S. Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
AboutPantheon Resources
Pantheon Resources PLC is an AIM listed Oil & Gas company focused on developing its
Pantheon's stated objective is to demonstrate sustainable market recognition of a value of
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 (million barrels) of ANS crude and 5,396 bcf (billion cubic feet) 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 totalling 79 mmbbl of ANS crude and 424 bcf natural gas.
For more information visit www.pantheonresources.com.
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SOURCE: Pantheon Resources PLC
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