Business
Pantheon Resources : Interim Results (unaudited) for the six months ended 31 December 2024
Pantheon Resources : Interim Results (unaudited) for the six months ended 31 December
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n Company Number 05385506\n \n \n Incorporated in England & Wales\n \n \n PANTHEON RESOURCES PLC\n \n \n INTERIM REPORT (UNAUDITED)\n \n \n FOR THE SIX MONTHS ENDED 31 DECEMBER 2024\n \n \n PANTHEON RESOURCES PLC\n \n \n COMPANY STATEMENT\n \n \n FOR THE PERIOD ENDED 31 DECEMBER 2024\n \n \n ___________________________________________________________________________________\n \n \n Company Statement\n \n \n Pantheon's strategic goal remains to achieve sustainable market recognition of $5 or more per barrel of proved resource by late calendar year (\"CY\") 2028. The Company aims to achieve this by progressing its Ahpun and Kodiak developments with the Final Investment Decision (\"FID\") for the Ahpun project targeted to occur near the end of CY 2027 and first production beginning the following year. Flow testing of the Megrez-1 well, taking place over the next few months, will inform future development planning for the Ahpun area, and may lead to further appraisal of the shallower, potentially higher quality reservoir zones. The significant progress made during the first half of fiscal year (\"FY\") 2025 has reinforced our confidence that these goals are achievable, and we will endeavour to do so in the manner least dilutive to shareholders.\n \n \n Highlights\n \n \n During the first six months of FY 2025 and the subsequent period to date, Pantheon achieved the following goals:\n \n Appointed accomplished energy executive Max Easley as Chief Executive Officer, succeeding Jay Cheatham\n Agreed a $35.0 million convertible bond issuance, led by Sun Hung Kai & Co. Ltd., expected to close by the end of March 2025\n Drilled the Megrez-1test well as an appraisal of the Ahpun East project area - Megrez-1 exceeded pre-drillexpectations with total of 1,340 ft of interpreted net pay\n Continued progress on development planning to support the goal of Ahpun FID towards the end of CY 2027\n 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\n 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 diluti...