Pantheon Resources PLC Announces Unaudited Interim Results
Pantheon Resources (AIM:PANR) has released its unaudited interim results for the six months ended December 31, 2024. The company, which holds a 100% working interest in the Kodiak and Ahpun projects spanning 258,000 contiguous acres in Alaska's North Slope, reported key developments:
The company appointed Max Easley as CEO and completed drilling of the Megrez-1 test well, which exceeded expectations with 1,340 ft of interpreted net pay. Flow testing of Upper Schrader Bluff Topset 1 is scheduled to begin.
Financial highlights include:
- After-tax loss of $6.9 million (vs $7.4 million in 1H FY 2024)
- G&A expenses increased to $4.6 million
- Cash position of $19.3 million as of December 31, 2024
- Secured $35 million convertible bond issuance led by Sun Hung Kai & Co.
The company continues progress toward Ahpun FID by end of 2027 and is preparing for a U.S. listing to maximize shareholder value.
Pantheon Resources (AIM:PANR) ha pubblicato i suoi risultati intermedi non auditati per i sei mesi terminati il 31 dicembre 2024. L'azienda, che detiene una partecipazione lavorativa del 100% nei progetti Kodiak e Ahpun che si estendono su 258.000 acri contigui nella North Slope dell'Alaska, ha riportato sviluppi chiave:
L'azienda ha nominato Max Easley come CEO e ha completato il perforamento del pozzo di prova Megrez-1, che ha superato le aspettative con 1.340 piedi di pay netto interpretato. I test di flusso dell'Upper Schrader Bluff Topset 1 sono programmati per iniziare.
I principali punti finanziari includono:
- Perdita dopo le tasse di 6,9 milioni di dollari (rispetto a 7,4 milioni di dollari nel 1H FY 2024)
- Le spese generali e amministrative sono aumentate a 4,6 milioni di dollari
- Posizione di cassa di 19,3 milioni di dollari al 31 dicembre 2024
- Emissione di obbligazioni convertibili da 35 milioni di dollari garantita da Sun Hung Kai & Co.
L'azienda continua i progressi verso l'FID di Ahpun entro la fine del 2027 e si sta preparando per una quotazione negli Stati Uniti per massimizzare il valore per gli azionisti.
Pantheon Resources (AIM:PANR) ha publicado sus resultados interinos no auditados para los seis meses finalizados el 31 de diciembre de 2024. La empresa, que posee un interés de trabajo del 100% en los proyectos Kodiak y Ahpun que abarcan 258,000 acres contiguos en la North Slope de Alaska, informó sobre desarrollos clave:
La empresa nombró a Max Easley como CEO y completó la perforación del pozo de prueba Megrez-1, que superó las expectativas con 1,340 pies de pago neto interpretado. Las pruebas de flujo de Upper Schrader Bluff Topset 1 están programadas para comenzar.
Los aspectos financieros destacados incluyen:
- Pérdida después de impuestos de 6.9 millones de dólares (frente a 7.4 millones de dólares en el 1H FY 2024)
- Los gastos generales y administrativos aumentaron a 4.6 millones de dólares
- Posición de efectivo de 19.3 millones de dólares al 31 de diciembre de 2024
- Emisión de bonos convertibles de 35 millones de dólares asegurada por Sun Hung Kai & Co.
La empresa continúa avanzando hacia el FID de Ahpun para finales de 2027 y se está preparando para una cotización en EE. UU. para maximizar el valor para los accionistas.
팬테온 리소스 (AIM:PANR)는 2024년 12월 31일로 종료된 6개월 동안의 감사되지 않은 중간 결과를 발표했습니다. 알래스카 노스 슬로프에 위치한 258,000 에이커의 인접한 지역에서 코디악 및 아푼 프로젝트에 대한 100% 작업 지분을 보유한 이 회사는 주요 발전 사항을 보고했습니다:
회사는 맥스 이슬리를 CEO로 임명하고 메그레즈-1 시험 우물의 드릴링을 완료했으며, 이는 1,340피트의 해석된 순 유전으로 기대치를 초과했습니다. Upper Schrader Bluff Topset 1의 유량 테스트가 시작될 예정입니다.
재무 하이라이트는 다음과 같습니다:
- 세후 손실 690만 달러 (2024 회계연도 1분기 740만 달러 대비)
- 일반 관리 비용이 460만 달러로 증가했습니다
- 2024년 12월 31일 기준 현금 보유액 1930만 달러
- 선홍카이(Sun Hung Kai & Co.)가 주도하는 3500만 달러의 전환사채 발행을 확보했습니다.
회사는 2027년 말까지 아푼 FID를 향한 진행을 계속하고 있으며 주주 가치를 극대화하기 위해 미국 상장을 준비하고 있습니다.
Pantheon Resources (AIM:PANR) a publié ses résultats intermédiaires non audités pour les six mois se terminant le 31 décembre 2024. L'entreprise, qui détient une participation de 100 % dans les projets Kodiak et Ahpun s'étendant sur 258 000 acres contigus dans la North Slope de l'Alaska, a rapporté des développements clés :
L'entreprise a nommé Max Easley en tant que PDG et a terminé le forage du puits d'essai Megrez-1, qui a dépassé les attentes avec 1 340 pieds de production nette interprétée. Les tests de débit de l'Upper Schrader Bluff Topset 1 sont prévus pour commencer.
Les faits saillants financiers incluent :
- Perte après impôts de 6,9 millions de dollars (contre 7,4 millions de dollars au 1er semestre de l'exercice 2024)
- Les frais généraux et administratifs ont augmenté à 4,6 millions de dollars
- Position de trésorerie de 19,3 millions de dollars au 31 décembre 2024
- Émission d'obligations convertibles de 35 millions de dollars sécurisée par Sun Hung Kai & Co.
L'entreprise continue de progresser vers l'FID d'Ahpun d'ici fin 2027 et se prépare à une cotation aux États-Unis pour maximiser la valeur pour les actionnaires.
Pantheon Resources (AIM:PANR) hat seine ungeprüften Zwischenberichte für die sechs Monate zum 31. Dezember 2024 veröffentlicht. Das Unternehmen, das eine 100%ige Beteiligung an den Kodiak- und Ahpun-Projekten in einer zusammenhängenden Fläche von 258.000 Acres in der North Slope von Alaska hält, berichtete über wichtige Entwicklungen:
Das Unternehmen hat Max Easley zum CEO ernannt und die Bohrungen des Testbohrlochs Megrez-1 abgeschlossen, das die Erwartungen mit 1.340 Fuß interpretierten Nettoertrags übertroffen hat. Die Fließtests von Upper Schrader Bluff Topset 1 sind für den Beginn geplant.
Finanzielle Höhepunkte umfassen:
- Nachsteuerverlust von 6,9 Millionen Dollar (im Vergleich zu 7,4 Millionen Dollar im 1. Halbjahr des Geschäftsjahres 2024)
- Die allgemeinen und administrativen Ausgaben stiegen auf 4,6 Millionen Dollar
- Liquiditätsposition von 19,3 Millionen Dollar zum 31. Dezember 2024
- Gesicherte Ausgabe von 35 Millionen Dollar an wandelbaren Anleihen, geleitet von Sun Hung Kai & Co.
Das Unternehmen setzt seine Fortschritte in Richtung FID für Ahpun bis Ende 2027 fort und bereitet sich auf eine US-Notierung vor, um den Aktionärswert zu maximieren.
- Megrez-1 well exceeded expectations with 1,340 ft of interpreted net pay
- Secured $35 million convertible bond financing
- Reduced net loss to $6.9 million from $7.4 million year-over-year
- Strong cash position of $19.3 million as of December 2024
- Progress on Alaska LNG project with increased government support
- Increased G&A expenses to $4.6 million from $4.0 million
- Cash position declined to $9.1 million by March 24, 2025
- Continued operating losses
- Potential shareholder dilution from convertible bond issuance
Interim Results (unaudited) for the six months ended 31 December 2024
LONDON, UNITED KINGDOM / ACCESS Newswire / March 24, 2025 / Pantheon Resources plc (AIM:PANR) ("Pantheon" or "the Company"), the oil and gas company with a
Highlights
Operational and Corporate
Appointed accomplished energy executive Max Easley as Chief Executive Officer, succeeding Jay Cheatham
Drilled the Megrez-1 test well as an appraisal of the Ahpun East project area - Megrez-1 exceeded pre-drill expectations with total of 1,340 ft of interpreted net pay. Flow testing of Upper Schrader Bluff Topset 1 will begin this week
Agreed a
$35.0 million convertible bond issuance, led by Sun Hung Kai & Co. Ltd., expected to close by the end of March 2025 leading to sufficient liquidity to test six horizons in the Megrez-1 well and further delineate the Ahpun East area during summer of 2025Continued progress on development planning to support the goal of Ahpun FID towards the end of CY 2027
Saw materially increasing support from federal and state governments on Phase 1 of the Alaska LNG project (the gas pipeline component) that is anticipated to be supplied under the terms of the Gas Sales Precedent Agreement between the Company and pipeline proponents
Continued preparations towards a U.S. listing aimed at leveraging the results of the Megrez-1 well, to support the goal to maximise shareholder value while minimising potential dilution
Financial
After tax loss for the period
$6.9 million vs six months ended Dec 31 2023 ("1H FY 2024") net loss$7.4 million G&A at
$4.6 million (1H FY 2024:$4.0 million ), reflecting the growth in the organisation as it progresses towards Ahpun project FIDCash on hand 31 December 2024:
$19.3 million (1H FY 2024:$0.2 million ) and cash on hand on 24 March 2025:$9.1 million . Additional$35m before costs expected to be received in the coming days upon closing of the new convertible bondUS GAAP accounts prepared in preparation for U.S Listing. Non-cash prior period adjustment following review to reflect a technical accounting correction associated with the original valuation of the noncash components of the cost of acquisition of Great Bear companies in 2019. The carrying value of these assets remains unchanged
David Hobbs, Executive Chairman of Pantheon Resources, commented:
"Pantheon has built upon the positive momentum during the six months to 31 December 2024 and so far this year on a number of levels. We anticipate the results of the Megrez-1 well flow testing (beginning this week) will upgrade our already substantial resource base and that continued progress on the Alaska LNG Phase 1 project will expand our funding options as we move to development of Ahpun and then Kodiak.
"We are delighted to welcome Max Easley as CEO. His experience from a successful career at BP, Apache and PETRONAS make him the ideal candidate to drive the transition from exploration and appraisal to development and production. We are pleased that Jay has agreed to remain on the Board to assist with the transition.
"We would like to thank our shareholders for their continuing support as we prosecute our strategy - maintaining a disciplined approach, focused on what moves us towards achieving Pantheon's strategic goal of delivering sustainable market recognition of at least
-ENDS-
Further information:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
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
USA Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us
About Pantheon 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.
PANTHEON RESOURCES PLC
INTERIM REPORT (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
COMPANY STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
Company Statement
Pantheon's strategic goal remains to achieve sustainable market recognition of
Highlights
During the first six months of FY 2025 and the subsequent period to date, Pantheon achieved the following goals:
Appointed accomplished energy executive Max Easley as Chief Executive Officer, succeeding Jay Cheatham
Agreed a
$35.0 million convertible bond issuance, led by Sun Hung Kai & Co. Ltd., expected to close by the end of March 2025Drilled the Megrez-1 test well as an appraisal of the Ahpun East project area - Megrez-1 exceeded pre-drill expectations with total of 1,340 ft of interpreted net pay
Continued progress on development planning to support the goal of Ahpun FID towards the end of CY 2027
Saw materially increasing support from federal and state governments on Phase 1 of the Alaska LNG project (the gas pipeline component) that is anticipated to be supplied under terms of the Gas Sales Precedent Agreement between the Company and pipeline proponents
Continued preparations towards a U.S. listing aimed at leveraging the results of the Megrez-1 well, to support the goal to maximise shareholder value while minimising potential dilution
Progress Overview in First Half FY 2025 and Subsequent Period
In February 2025, accomplished energy executive Max Easley succeeded Jay Cheatham as Chief Executive Officer (CEO) and joined the board of the Company. Max's 30 years in the oil and gas industry, including his extensive experience on Alaska's North Slope and leadership experience with BP, Apache Corporation and PETRONAS Canada, equips Pantheon with a highly experienced strategic and operating capability as it shifts from exploration and appraisal to development and production.
In August 2024, Pantheon raised
In November 2024, Pantheon spudded the Megrez-1 well, using the Nabors 105AC rig located on a gravel well pad adjacent to the Dalton Highway. The initial targets were three separate zones estimated by Management to contain an aggregate 2U Prospective Resource of 609 million barrels of ANS Crude (oil, condensate & NGLs) and 3.3 trillion cubic feet ("Tcf") of natural gas. In the Company's news release dated 22 January 2025, Pantheon confirmed that it had encountered seven horizons together comprising a column of 1,340 vertical feet of net oil pay, exceeding pre-drill estimates; the deepest of these horizons begin at Topset 3 in the Upper Schrader Bluff and continues up to the shallowest in the Lower Sagavanirktok 3.
Following extensive analysis of information gathered during drilling of the well, Pantheon estimates a potential
The Company has progressed facilities design and regulatory approvals activities towards allowing development of the Ahpun and Kodiak fields. As a result of this work, the FID on the Ahpun project is expected towards the end of CY 2027, with the FID on the Kodiak project forecasted by CY 2029. Consistent with these targeted dates, the first Ahpun production is planned during CY 2028.
Financing Overview and Uplisting to a Senior U.S. Exchange
A U.S. senior exchange listing remains a top management priority, with Pantheon making continued progress towards a Q4 CY 2025 or Q1 CY 2026 completion. The progress includes translating prior period IFRS financial statements into U.S. GAAP and the subsequent auditing thereof, and the implementation of more robust internal controls and systems to comply with the U.S. Sarbanes-Oxley Act. In addition, the Company has continued to consolidate its management team at the Company's U.S. offices in Houston, Texas.
The New Convertible Bonds satisfy the goal of sourcing funds during the first quarter of CY 2025 meaning that the Company will be fully funded for its committed activities during the next 12 month period. Owning a
Pantheon fully recognises that securing the financing necessary to develop a globally significant resource base is seen as a key hurdle, and the Company is working diligently to demonstrate the least dilutive path possible to financial self-sufficiency. Pantheon further recognises that success will cause the prospect of commercial development to become more apparent to the capital markets community. Ultimately, this strategy has the potential to drive sustainable long-term value creation for our shareholders - the overarching goal of the Pantheon Board of Directors and Management.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
| Notes 3 | 6 months ended 31 December 2024 (unaudited) | 6 months ended 31 December 2023 (restated) | Year ended 30 June 2024 (audited and restated) |
|
| $ | $ | $ |
Continuing operations |
|
|
|
|
Revenue |
| - | 13,393 | 13,393 |
Cost of sales |
| - | (7,152) | (7,153) |
Gross profit |
| - | 6,241 | 6,240 |
|
|
|
|
|
Administration expenses |
| (4,586,628) | (4,035,323) | (8,773,748) |
Share Based payment expense |
| (25,935) | - | - |
Operating loss |
| (4,612,563) | (4,029,082) | (8,767,508) |
|
|
|
|
|
Interest expense - Convertible Bond and ROU | 6 | (1,635,221) | (2,589,141) | (4,893,640) |
Convertible Bond - Impact of partial early repayment | 6 | (1,392,606) | - | - |
Convertible Bond - Revaluation of derivative liability | 6 | 162,837 | (1,206,610) | (337,055) |
Interest income |
| 581,344 | 414,446 | 630,371 |
Loss before taxation |
| (6,896,209) | (7,410,387) | (13,367,832) |
|
|
|
|
|
Taxation |
| - | - | - |
Loss for the period |
| (6,896,209) | (7,410,387) | (13,367,832) |
|
|
|
|
|
Other comprehensive income for the period |
|
|
|
|
Exchange differences from translating foreign operations |
| (370,617) | (219,659) | (52,924) |
Total comprehensive loss for the period |
| (7,266,826) | (7,630,046) | (13,420,756) |
Loss per share from continuing operations: |
|
|
|
|
Basic and diluted Loss per share | 2 | (0.62)¢ | (0.86)¢ | (1.44)¢ |
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
| Share | Share | Retained | Currency | Share | Total |
| capital | premium | losses | reserve | based payment reserve | equity |
| $ | $ | $ | $ | $ | $ |
Group |
|
|
|
|
|
|
At 1 July 2024 | 13,139,392 | 334,499,828 | (82,758,128) | (2,745,784) | 14,767,916 | 276,903,224 |
|
|
|
|
|
|
|
Loss for the period | - | - | (6,896,209) | - | - | (6,896,209) |
Other comprehensive loss: Foreign currency translation | - | - | - | (370,617) | - | (370,617) |
Total comprehensive loss for the period | - | - | (6,896,209) | (370,617) | - | (7,266,826) |
Transactions with owners |
|
|
|
|
|
|
Capital Raising |
|
|
|
|
|
|
Issue of shares | 1,824,928 | 29,867,732 | - | - | - | 31,692,660 |
Cost of share issue | - | (1,542,816) | - | - | - | (1,542,816) |
Convertible Bond |
|
|
|
|
|
|
Issue of shares - Amortisation | 184,777 | 2,461,223 | - | - | - | 2,646,000 |
Issue of shares - Partial repayment | 288,235 | 4,611,765 | - | - | - | 4,900,000 |
Total transactions with owners | 2,297,940 | 35,397,904 | - | - | - | 37,695,844 |
Options and Warrants |
|
|
|
|
|
|
Expired Options and Warrants | - | - | 873,603 | - | (873,603) | - |
Options Issued | - | - | - | - | 25,175 | 25,175 |
Total Options and Warrants | - | - | 873,603 | - | (848,428) | 25,175 |
Balance at 31 December 2024 | 15,437,332 | 369,897,732 | (88,780,734) | (3,116,401) | 13,919,488 | 307,357,417 |
| Share | Share | Retained | Currency | Share | Total |
| Capital | premium | losses | reserve | based payment reserve | equity |
| $ | $ | $ | $ | $ | $ |
Group |
|
|
|
|
|
|
Balance at 1 July 2023 | 12,464,677 | 297,830,078 | (49,444,331) | (2,692,860) | 14,271,042 | 272,428,606 |
Prior period adjustment (net of tax) * | - | 21,271,338 | (19,945,965) | - | 496,874 | 1,822,247 |
Restated total equity at the beginning of the financial year | 12,464,677 | 319,101,416 | (69,390,296) | (2,692,860) | 14,767,916 | 274,250,853 |
Loss for the period * | - | - | (7,410,387) | - | - | (7,410,387) |
Total comprehensive loss for the period * | - | - | (7,410,387) | - | - | (7,410,387) |
Other comprehensive income: Foreign currency translation | - | - | - | (219,659) | - | (219,659) |
Total comprehensive income for the year | - | - | (7,410,387) | (219,659) | - | (7,630,046) |
Transactions with owners |
|
|
|
|
|
|
Capital raising |
|
|
|
|
|
|
Issue of shares | 148,722 | 2,644,275 | - | - | - | 2,792,997 |
Total transactions with owners | 148,722 | 2,644,275 | - | - | - | 2,792,997 |
Balance at 31 December 2023 * | 12,613,399 | 321,745,691 | (76,800,682) | (2,912,519) | 14,767,916 | 269,413,805 |
*See note 3 for details |
|
|
|
|
|
|
| Share | Share | Retained | Currency | Share | Total |
| Capital | premium | losses | reserve | based payment reserve | equity |
| $ | $ | $ | $ | $ | $ |
Group |
|
|
|
|
|
|
Balance at 1 July 2023 | 12,464,677 | 297,830,078 | (49,444,331) | (2,692,860) | 14,271,042 | 272,428,606 |
Prior period adjustment (net of tax) * | - | 21,271,338 | (19,945,965) | - | 496,874 | 1,822,247 |
Restated total equity at the beginning of the financial year | 12,464,677 | 319,101,416 | (69,390,296) | (2,692,860) | 14,767,916 | 274,250,853 |
Loss for the period * | - | - | (13,367,832) | - | - | (13,367,832) |
Total comprehensive loss for the period * | - | - | (13,367,832) | - | - | (13,367,832) |
Other comprehensive income: Foreign currency translation | - | - | - | (52,924) | - | (52,924) |
Total comprehensive income for the year | - | - | (13,367,832) | (52,924) | - | (13,420,756) |
Transactions with owners |
|
|
|
|
|
|
Capital raising |
|
|
|
|
|
|
Issue of shares | 466,487 | 9,837,080 | - | - | - | 10,303,567 |
Convertible Bond - amortisation |
|
|
|
|
|
|
Issue of shares | 208,228 | 5,561,332 | - | - | - | 5,769,560 |
Total transactions with owners | 674,715 | 15,398,412 | - | - | - | 16,073,127 |
Balance at 30 June 2024 * | 13,139,392 | 334,499,828 | (82,758,128) | (2,745,784) | 14,767,916 | 276,903,224 |
*See note 3 for details |
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
| Notes 3 | 31 December 2024 (unaudited) | 31 December 2023 (restated) | 30 June 2024 (audited and restated) |
ASSETS |
| $ | $ | $ |
Non-Current Assets |
|
|
|
|
Exploration and evaluation assets | 4 | 312,671,263 | 292,192,198 | 293,635,128 |
Property, plant & equipment |
| 87,104 | 8,219 | 129,200 |
|
| 312,758,367 | 292,200,417 | 293,764,328 |
Current Assets |
|
|
|
|
Trade and other receivables & deposits |
| 3,005,769 | 2,802,902 | 2,944,543 |
Cash and cash equivalents |
| 19,317,942 | 207,124 | 7,913,862 |
Fixed term cash deposit |
| - | 7,000,000 | - |
|
| 22,323,711 | 10,010,026 | 10,858,405 |
Total assets |
| 335,082,078 | 302,210,443 | 304,622,733 |
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Convertible Bond - Debt | 6 | 9,153,776 | 9,582,349 | 7,090,177 |
Trade and other payables |
| 6,881,951 | 1,757,257 | 703,496 |
Provisions |
| 7,191,400 | 6,018,291 | 5,921,030 |
Lease Liabilities |
| 43,317 | 5,341 | 63,395 |
|
| 23,270,444 | 17,363,238 | 13,778,098 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Lease Liabilities Trade and other payables |
| 48,790 | - 13 | 69,028 |
Convertible Bond - Debt | 6 | 3,823,413 | 13,819,208 | 13,127,532 |
Convertible Bond - Derivative | 6 | 582,014 | 1,614,192 | 744,851 |
|
| 4,454,217 | 15,433,400 | 13,941,411 |
Total liabilities |
| 27,724,661 | 32,796,638 | 27,719,509 |
Net assets |
| 307,357,417 | 269,413,805 | 276,903,224 |
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
Capital and reserves |
|
|
|
|
Share capital |
| 15,437,332 | 12,613,399 | 13,139,392 |
Share premium |
| 369,897,732 | 321,745,691 | 334,499,828 |
Retained losses |
| (88,780,734) | (76,800,682) | (82,758,128) |
Currency reserve |
| (3,116,401) | (2,912,519) | (2,745,784) |
Share based payment reserve |
| 13,919,488 | 14,767,916 | 14,767,916 |
Shareholders' equity |
| 307,357,417 | 269,413,805 | 276,903,224 |
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
| 6 months ended 31 December 2024 (unaudited) | 6 months ended 31 December 2023 (unaudited) | Year ended 30 June 2024 (audited) |
|
| $ | $ | $ |
|
|
|
|
|
Net inflow (outflow) from operating activities |
| 634,799 | (3,534,998) | (11,365,415) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Interest received |
| 581,344 | 414,446 | 630,371 |
Interest paid |
| - | - | (757) |
Financial Investments - Fixed term cash deposit & Certificate of deposit(s) |
| - | (9,008,937) | - |
Funds used for drilling, exploration and leases |
| (17,295,135) | (5,523,850) | (6,966,779) |
Net cash outflow from investing activities |
| (16,713,791) | (14,118,341) | (6,337,165) |
|
|
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
Proceeds from share issues | 7 | 30,569,674 | 2,792,997 | 10,303,566 |
Issue costs paid in cash | 7 | (419,830) | - | - |
Repayment of borrowing - unsecured convertible bond | 7 | (2,621,500) | (5,561,500) | (5,273,798) |
Repayment of borrowing - leasing liabilities |
| (45,272) | (32,046) | (74,338) |
Net cash inflow (outflow) from financing activities |
| 27,483,072 | (2,800,549) | 4,955,430 |
|
|
|
|
|
|
|
| ||
Increase/(Decrease) in cash & cash equivalents |
| 11,404,080 | (20,453,888) | (12,747,150) |
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
| 7,913,862 | 20,661,012 | 20,661,012 |
Cash and cash equivalents at the end of the period (1) |
| 19,317,942 | 207,124(1) | 7,913,862 |
(1) Prior Period Closing cash balance (31 December 2023) excludes
RECONCILIATION OF LOSS FOR THE PERIOD TO NET CASH INFLOW (OUTFLOW) FROM
OPERATING ACTIVITIES
FOR THE PERIOD ENDED 31 DECEMBER 2024
| Notes 3 | 6 months ended 31 December 2024 (unaudited) | 6 months ended 31 December 2023 (restated) | Year ended 30 June 2024 (restated) |
|
| $ | $ | $ |
|
|
|
|
|
Loss for the period |
| (6,896,209) | (7,410,387) | (13,367,832) |
Net interest received |
| (581,344) | (414,446) | (629,614) |
Share based compensation expense |
| 25,935 | - | - |
Depreciation of office equipment |
| - | 1,100 | 4,399 |
Depreciation of right of use assets |
| 42,500 | 28,802 | 68,704 |
Interest expense - Convertible Bond and ROU |
| 1,635,221 | 2,589,141 | 4,892,883 |
Convertible Bond - Revaluation of derivative liability |
| (162,837) | 1,206,610 | 337,055 |
Convertible Bond - impact of partial early repayment |
| 1,392,606 | - | - |
Other provisions - irrecoverable VAT |
| (470,629) | - | (96,209) |
(Increase)/Decrease in trade and other receivables |
| (61,225) | 1,765,558 | (385,020) |
Increase/(Decrease) in trade and other payables |
| 6,178,455 | (1,083,353) | (2,137,115) |
Effect of translation differences |
| (467,674) | (218,023) | (52,666) |
Net cash inflow (outflow) from operating activities |
| 634,799 | (3,534,998) | (11,365,415) |
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Accounting policies
A summary of the principal accounting policies, all of which have been applied consistently throughout the period, is set out below.
1.1. Basis of preparation
The financial statements have been prepared on a going concern basis using the historical cost convention and in accordance with the UK Adopted International Accounting Standards ("IAS's") and in accordance with the provisions of the Companies Act 2006.
This interim report has been prepared on a basis consistent with the Group's expected accounting policies for the year ending 30 June 2025. These accounting policies are the same as those set out in the Group's Annual Report and Financial Statements for the year ended 30 June 2024, which are available from the registered office or the company's website (www.pantheonresources.com).
The Group financial information is presented in US Dollars and is unaudited. The interim financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.
1.2. Basis of consolidation
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. Goodwill arising on acquisitions is capitalised and subject to impairment review, both annually and when there are indications that the carrying value may not be recoverable.
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. All the companies over which the Company has control apply, where appropriate, the same accounting policies as the Company.
1.3. Foreign currency translation
(i) Functional and presentational currency
The financial statements for the Group and the Company are presented in US Dollars ("$") and this is the Group's Presentation currency. The Functional currency of all entities within the Group, excluding the Parent Company, is $USD. The Functional currency of the Parent Company is £GBP.
(ii) Transactions and balances
Transactions in foreign currencies are translated into US dollars at the spot rate. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. The resulting exchange gain or loss is dealt with in the income statement.
The assets, liabilities of the Parent Company are translated into US dollars at the rates of exchange ruling at the year end. The results of the Parent Company are translated into US dollars at the average rates of exchange during the year. Exchange differences resulting from the retranslation of currencies are treated as movements on reserves.
1.4. Cash and cash equivalents
The company considers all highly liquid investments, with a maturity of 90 days or less to be cash equivalents, carried at the lower of cost or market value.
1.5. Goingconcern
This interim period financial report has been prepared on a going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Directors and Management have evaluated cash flow forecasts for the next 12 months following the filing of these financial statements. As of March 21, 2025, the Group had cash of
1.6. Revenue
There was no revenue during the period. In 2023 oil sales resulted from sales of oil produced during the long-term production testing of the Alkaid-2 well. These sales were considered to be non-recurring because production only occurred during the testing phase and terminated following the conclusion of testing operations. During the prior periods of the year ending 30 June 2024 and the six months ending 31 December 2023, a small amount of revenue was recorded during the short testing period for the short flow test of the shallower SMD horizon in the Alkaid-2 well. Once in production, revenue from contracts with customers will be recognised in accordance with IFRS15 Revenue from Contacts with Customers, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods.
Contract balances
A contract asset is the right to consideration in exchange for goods transferred to the customer. If the Group performs by transferring goods to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. The Group does not have any contract assets as performance and a right to consideration occurs within a short period of time and all rights to consideration are unconditional.
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
1.7. Deferred taxation
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realised, or the deferred liability is settled.
Deferred tax assets are recognised to the extent that it is probable that the future taxable profit will be available against which the temporary differences can be utilized.
1.8. Exploration and evaluation costs and developed oil and gas properties
The Group follows the 'successful efforts' method of accounting for exploration and evaluation costs. At the point of production, all costs associated with oil, gas and mineral exploration and investments are classified into and capitalised on a 'cash generating unit' ("CGU") basis, in accordance with IAS 36. Costs incurred include appropriate operational, technical and administrative expenses but not general corporate overheads. If an exploration project is successful, the related expenditures will be transferred to Developed Oil and Gas Properties and amortised over the estimated life of the commercial reserves on a 'unit of production' basis.
The recoverability of all exploration and evaluation costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing to complete the development of the reserves, and future profitable production or proceeds from the disposition thereof. All balance sheet carrying values are reviewed for indicators of impairment at least twice yearly. The project acreage is classified into discrete "projects" or CGU's. When production commences the accumulated costs for the specific CGU is transferred from intangible fixed assets to tangible fixed assets i.e., 'Developed Oil & Gas Properties' or 'Production Facilities and Equipment', as appropriate. Amounts recorded for these assets represent historical costs and are not intended to reflect present or future values.
1.9 Impairment of exploration costs and developed oil and gas properties, depreciation of assets, plug & abandonment
In accordance with IFRS 6 'Exploration for and Evaluation of Mineral Resources' (IFRS 6), exploration and evaluation assets are reviewed for indicators of impairment. Should indicators of impairment be identified an impairment test is performed.
In accordance with IAS 36, the Group is required to perform an "impairment test" on assets when an assessment of specific facts and circumstances indicate there may be an indication of impairment, specifically to ensure that the assets are carried at no more than their recoverable amount. Where an impairment test is required, any impairment loss is measured, presented and disclosed in accordance with IAS 36.
Exploration and evaluation costs
All exploration and evaluation assets relate to the Group's Alaskan operations. The Alaskan leasehold assets were fair valued as at the date of acquisition and the carrying value at period-end represents the cost of acquisition (plus the fair value adjustment(s), in accordance with IFRS) and any capitalised costs incurred subsequent to the acquisition. See note 3 for additional information regarding the prior period adjustment associated with the original valuation of the noncash components of the cost of acquisition. While there has been a change in acquisition cost, carrying value remains unchanged.
Decommissioning Charges
Decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group's facilities and properties. The Group assesses its decommissioning provision at each reporting date. The ultimate decommissioning costs are uncertain and cost estimates can vary in response to many factors, including changes to relevant legal requirements, the emergence of new restoration techniques or experience at other production sites. The expected timing, extent and amount of expenditure may also change - for example, in response to changes in reserves or changes in laws and regulations or their interpretation. Therefore, significant estimates and assumptions are made in determining the provision for decommissioning. As a result, there could be significant adjustments to the provisions established which would affect future financial results. The provision at reporting date represents management's best estimate of the present value of the future decommissioning costs required.
For all wells the Group has adopted a Decommissioning Policy in which all decommissioning costs are recognise immediately when a well is either completed, abandoned, suspended or a decision taken that the well will likely be plugged and abandoned in due course. For completed or suspended wells, the decommissioning charge is recorded against the capitalised amount and subsequently depleted over the useful life of well using unit of production method.
1.10 Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
Financial assets, if/where applicable, are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred.
A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and measurement of financial liabilities
The Group's financial liabilities include borrowings (convertible bond debt), trade and other payables and embedded derivative financial instruments.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities which are carried subsequently at fair value with gains or losses recognised in profit or loss.
All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included within finance costs or fair value gains/(losses) on derivative financial instruments.
Embedded derivative financial instruments
A borrowing arrangement structured as a convertible bond repayable in cash or stock over 20 quarterly instalments (as previously defined, the "Existing Convertible Bonds"), in addition to the right of the lender to voluntarily convert part or all of the outstanding principal prior to the maturity date of the bond, has embedded in it a derivative. This is considered to be a separable embedded derivative of a loan instrument.
At the date of issue, the fair value of the embedded derivative is estimated by considering the derivative as a series of individual components with modelling of the fixed and floating legs to determine a repayment schedule and derive a net present value for the forward contract embedded derivative.
This amount is recognised separately as a financial liability or financial asset and measured at fair value through the income statement. The residual amount of the loan is then recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date.
IFRS 9 Expected Credit Loss Model
IFRS 9 requires that credit losses on financial assets are measured and recognised using the "expected credit loss" (ECL) approach. Other than cash, the only other financial assets held is
2. Loss per share
| 6 months ended 31 December 2024 | 6 months ended 31 December 2023 | Year ended 30 June 2024 |
| (unaudited) | (re-stated) | (re-stated) |
Loss per share from continuing operations: |
|
|
|
Basic and diluted loss per share | (0.62)¢ | (0.86)¢ | (1.44)¢ |
The calculation above for the loss per share has been calculated by dividing the loss for the period by the weighted average number of ordinary shares in issue of 1,119,930,477 (December 2023: 859,268,187; June 2024: 925,860,425). As the Group recorded a loss for the period, the diluted loss per share has been made to equal the basic loss per share.
3. Restatement of previously issued financial statements
Subsequent to the issuance of the Group and Company financial statements for the year ended 30 June 2024, a prior period adjustment was identified in the previous calculation of consideration paid on 17 January 2019 for the acquisition of
The following tables summarize the impacts of the adjustment in the consideration for the Great Bear companies for the Group:
Statement of financial position (extract) | 30 June 2024 | Increase / (Decrease) | 30 June 2024 (Restated) |
| 31 December 2023 | Increase / (Decrease) | 31 December 2023 (Restated) |
| $ | $ | $ |
| $ | $ | $ |
Deferred tax liability | - | - | - |
| 95,980 | (95,980) | - |
|
|
|
|
|
|
|
|
Share capital | 13,139,392 | - | 13,139,392 |
| 12,613,399 | - | 12,613,399 |
Share premium | 313,228,490 | 21,271,338 | 334,499,828 |
| 300,474,353 | 21,271,338 | 321,745,691 |
Retained losses | (60,989,916) | (21,768,212) | (82,758,128) |
| (55,128,450) | (21,672,232) | (76,800,682) |
Currency reserve | (2,745,784) | - | (2,745,784) |
| (2,912,519) | - | (2,912,519) |
Share based payment reserve | 14,271,042 | 496,874 | 14,767,916 |
| 14,271,042 | 496,874 | 14,767,916 |
Total equity | 276,903,224 | - | 276,903,224 |
| 269,317,825 | 95,980 | 269,413,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of comprehensive income (extract) | Year ended 30 June 2024 | Profit Increase / (Decrease) | Year ended 30 June 2024 (Restated) |
| 6 months ended 31 December 2023 | Profit Increase / (Decrease) | 6 months ended 31 December 2023 |
| $ | $ | $ |
| $ | $ | $ |
Loss for the period (before taxation) | (13,367,832) | - | (13,367,832) |
| (7,410,387) | - | (7,410,387) |
Taxation | 1,822,247 | (1,822,247) | - |
| 1,726,267 | (1,726,267) | - |
Loss for the period (after taxation) | (11,545,585) | (1,822,247) | (13,367,832) |
| (5,684,120) | (1,726,267) | (7,410,387) |
Other comprehensive loss for the period | (52,924) | - | (52,924) |
| (219,659) | - | (219,659) |
Total comprehensive loss for the period | (11,598,509) | (1,822,247) | (13,420,756) |
| (5,903,779) | (1,726,267) | (7,630,046) |
|
|
|
|
|
|
|
|
Basic and diluted loss per share | (1.25)¢ | (0.19)¢ | (1.44)¢ |
| (0.66)¢ | (0.20)¢ | (0.86)¢ |
The prior period adjustment in the consideration for the Great Bear companies had no net impact on the Statement of Cash Flows for any period.
4. Non-current assets
Exploration and evaluation assets Group |
|
| Exploration & evaluation assets |
At 30 June 2023 |
|
| 286,798,461 |
Additions |
|
| 5,523,849 |
At 31 December 2023 |
|
| 292,322,310 |
Additions |
|
| 1,442,930 |
At 30 June 2024 |
|
| 293,765,240 |
Additions |
|
| 19,036,135 |
At 31 December 2024 |
|
| 312,801,375 |
|
|
|
|
Impairment: |
|
|
|
At 30 June 2023 |
|
| 130,112 |
At 31 December 2023 |
|
| 130,112 |
At 30 June 2024 |
|
| 130,112 |
At 31 December 2024 |
|
| 130,112 |
|
|
|
|
Net book value: |
|
|
|
At 31 December 2024 |
|
| 312,671,263 |
At 30 June 2024 |
|
| 293,635,128 |
In January 2019, the Group acquired
Exploration and evaluation assets are regularly reviewed for indicators of impairment. If an indicator of impairment is found an impairment test is required, where the carrying value of the asset is compared with its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use. The Directors are satisfied that no impairments are required for the current period end.
5. Share Capital
During the period ending 31 December 2024, the Company issued 178,449,731 new ordinary shares.
As at 31 December, 2024 the company had on issue 1,139,369,391 shares.
As at 31 December, 2024 the Company also has the following options, warrants and restricted stock units ("RSUs"):
· 7,000,000 share options with an exercise price of £0.27, expiring July 2030
· 12,430,000 share options with an exercise price of £0.33, expiring January 2031
· 21,380,000 share options wih an exercise price of £0.67, expiring January 2027
· 9,500,000 share options for the long-term incentive programme ("LTIP") expiring Oct 2034
· 9,087,584 RSUs vesting equally over 3 years with the first vesting to occur in April 2025
6. Unsecured Convertible Bond
In December 2021, the Company issued
The quarterly amortisations under the Existing Convertible Bonds are repayable at the Company's option, in either cash at face value, or in ordinary shares ("stock") at the lower of the conversion price (presently USD
The bond agreement contains embedded derivatives in conjunction with an ordinary bond. As a result, and in accordance with the accounting standards, the Existing Convertible Bonds are shown in the Consolidated Statement of Financial Position, in two separate components, namely Convertible Bond - Debt and Convertible Bond - Derivative. At the time of recognition (Dec 2021) the
In order to value the derivative component, Pantheon engaged a third party expert valuation specialist group to perform the valuations, who determined that the valuation of the instrument required a Monte-Carlo simulation of share price outcomes over the 5 year life to determine the ultimate value of the conversion option. This produced a calculated Effective Interest Rate ("EIR") of
At 31 December 2024 the Existing Convertible Bond is shown in the Consolidated Statement of Financial Position in the following categories:
Convertible Bond - Derivative Component (Non-current Liability) | |
Convertible Bond - Debt Component (Current Liability) | |
Convertible Bond - Debt Component (Non-current Liability) | |
Total |
7. Share Issuances
In August 2024, Pantheon completed an equity fundraising, raising
In September 2024, Pantheon repaid (i) the quarterly principal repayment of
In October 2024, Pantheon announced details of its replacement ESOP for all employees and a Long Term Incentive Plan ("LTIP") for Executive Directors and certain officers of the Company. Under the ESOP the Company issued in aggregate 9,087,584 RSUs across all staff members, excluding non-executive directors. The RSUs were priced at
Also in October 2024, the Executive Chairman and the Non-Executive Directors subscribed for 261,696 new ordinary shares at an issue price of
In November 2024, Pantheon completed a private placement of 9,108,756 shares at an issue price of
8. Approval by Directors
The interim report for the six months ended 31 December 2024 was approved by the Directors on 23 March 2025.
9. Availability of Interim Report
The interim report will be made available shortly on the Company's website (www.pantheonresources.com), with further copies available on request from the Company's registered office.
10. Contingent liability
Pursuant to IAS 37, a contingent liability is either: (1) a possible obligation arising from past events whose existence will be confirmed only by the occurrence or non-occurrence of some uncertain future event not wholly within the entity's control, or (2) a present obligation that arises from a past event but is not recognized because either: (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or (ii) the amount of the obligation cannot be measured with sufficient reliability.
Kinder Morgan Treating L.P. ("Kinder Morgan") initiated a dispute over an East Texas gas treating agreement between Kinder Morgan and Vision Operating Company, LLC ("VOC"). VOC ceased making payments to the service provider in July 2019. The service provider subsequently issued a demand to VOC and, in February 2021, served Pantheon Resources PLC with a petition, seeking to recover not less than
No Pantheon entity was a signatory to the gas treating agreement and none are named in the agreement. Pantheon took legal advice on the matter and believed it had no liability to the service provider. Accordingly, Pantheon made no provision in previous financial statements, or in the ones for this period.
In July 2021, the court dismissed Kinder Morgan's claims against Pantheon Resources plc. Kinder Morgan then asserted claims against two subsidiaries, Pantheon Oil & Gas, LP and Pantheon East Texas, LLC, seeking to recover the same claimed damages under the VOC contract. The court in that lawsuit dismissed the claims against Pantheon East Texas LLC as it was not formed until 18 months after the gas treating agreement was signed.
Pantheon Oil & Gas, LP contested the claims asserted against it. The case proceeded to trial in late October 2024 and the jury rendered a verdict in favor of Pantheon Oil & Gas on all of Kinder Morgan's claims. Following the verdict, Pantheon Oil & Gas and Pantheon East Texas filed a motion for entry of final judgment in their favour, along with a request for a discretionary award of attorney fees. Kinder Morgan filed a motion for judgment in its favour notwithstanding the verdict and a pleading challenging Pantheon Oil & Gas and Pantheon East Texas's claim to recover attorney fees.
In mid-January 2025, the trial court overruled Kinder Morgan's motion and entered final judgment in favour of the Pantheon entities, without awarding attorney fees to either party. Following this, Kinder Morgan then filed a motion for new trial, to which the Pantheon entities responded in mid-February 2025. As of the time of this filing, the trial court has not ruled on this motion and retains plenary power over the litigation.
11. Subsequent Events
Appointment of Max Easley, as Chief Executive Officer and as Member of the Board of Directors
On 21 February 2025, the Company appointed Max Easley as Chief Executive Officer, succeeding Jay Cheatham. Mr. Easley also was appointed as a member of the Pantheon Board of Directors, while Jay will continue to serve the Company as a Non-Executive Director for a period of handover to Max. David Hobbs, currently remains as Executive Chairman, but has indicated that he will be seeking to migrate his role back to Non-Executive Chairman as part of the evolution of the Group's corporate governance once Mr. Easley is well established in his role.
Max Easley brings over thirty years of experience as a highly respected energy executive, drawing on extensive domestic and international experience in the upstream industry. Over the course of his career, Max has held executive rolls at BP, Apache Corporation and PETRONAS Canada.
Max graduated from the University of Alaska in 1991 with a degree in Petroleum Engineering. Following his early days learning his trade as a petroleum engineer at Prudhoe Bay, he worked overseas for over a decade, primarily in the UK and Trinidad, in a variety of technical, financial and leadership roles before returning to Alaska as Senior Vice President of Resource Development for BP Alaska. Over the past decade, he has been a driving force in the capital efficient appraisal, development and production of unconventional resources both in the Permian Basin in Texas and the Montney in British Columbia.
Megrez-1 Completions and Flow Test Activities
In March 2025, activities commenced to prepare the Megrez-1 well for flow testing. As detailed in the Company Statement section of these interim reports, the separate flow tests are planned for a period of months, and will cover the shallowest six zones of seven horizons previously confirmed by the Company. The seven zones are interpreted to comprise a column of 1,340 vertical feet of net oil pay. Results of these flow tests will be released as they become available. As of the time of this filing, the hydraulic fracture stimulation equipment has been moved to the Megrez-1 site in preparation to commence the completion program for the first zone to be tested.
New Convertible Bonds Originally Sized at
On 20 February 2025, the Company entered into a binding agreement with Sun Hung Kai & Co. Limited and its affiliates, clients and funds managed or advised by them (the "New Convertible Bond Investor") concerning between
On 26 February 2025 Pantheon granted the Convertible Bond Investor the sole right to increase the aggregate amount of the New Convertible Bonds to
The New Convertible Bonds will be issued on or about 24 March 2025 for a principal amount of
Payment of Quarterly Amortisation of Existing Convertible Bonds
In March 2025, Pantheon announced that it elected to pay (i) the quarterly principal repayment of
Following the settlement of this Quarterly Repayment, the principal remaining under the Existing Convertible Bonds has reduced to
Talitha-A Well Suspension Activities
In February and March of 2025, an ice road was built to the temporarily suspended Talitha-A well. The site was inspected and an additional well plug and cement were set to satisfy State of Alaska regulations for extended suspension of the well. The cost of this activity was approximately
Annual General Meeting for Fiscal Year 2024
At the Company's AGM in March 2025, all resolutions were passed. A copy of the resolutions passed are available on the Shareholder Documents section of the Company website.
GLOSSARY
bbl | barrel of oil | mcfd | thousand cubic feet per day |
bopd | barrels of oil per day | Mmboe | million barrels of oil equivalent |
boepd | barrels of oil equivalent per day | NPV | net present value |
mcf | thousand cubic feet | $ | United States dollar |
bwpd | barrels water per day | IP30 | average production in the first 30 days of the life of a well |
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SOURCE: Pantheon Resources PLC
View the original press release on ACCESS Newswire
FAQ
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