Business
Pantheon Resources PLC Announces Unaudited Interim Results
Pantheon Resources PLC Announces Unaudited Interim
About this update from Pantheon Resources Plc
[{"type":"text","content":"Interim Results (unaudited) for the six months ended 31 December 2024LONDON, UNITED KINGDOM / ACCESS Newswire / March 24, 2025 / Pantheon Resources plc (AIM:PANR) (\"Pantheon\" or \"the Company\"), the oil and gas company with a 100% working interest in the Kodiak and Ahpun projects, collectively spanning 258,000 contiguous acres in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, announces its interim results for the six months ended 31 December 2024 (the \"Period\"), together with operational highlights for the half year and the period beyond.HighlightsOperational and CorporateAppointed accomplished energy executive Max Easley as Chief Executive Officer, succeeding Jay CheathamDrilled 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 weekAgreed 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 2027Saw 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 proponentsContinued 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 dilutionFinancialAfter tax loss for the period $6.9 million vs six months ended Dec 31 2023 (\"1H FY 2024\") net loss $7.4 millionG&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...