Business
Shareholder Letter and Corporate Update on Dubhe-1
Pantheon Resources plc has provided a corporate update and shareholder letter, highlighting that while the Dubhe-1 well has confirmed mobile hydrocarbons, it has not yet achieved the desired production outcome, leading to a pause in testing to conserve capital and await spring conditions for more cost-effective operations. The company reported unaudited cash, cash equivalents, and term deposits totaling $27.2 million as of December 21, 2025, and plans to focus on advancing the Kodiak field, which holds independently certified best estimate contingent recoverable resources of approximately 1.6 billion barrels of oil and 6.6 Tcf of natural gas across its 258,000 acres. Pantheon is also prioritizing farm-outs to limit dilution and leverage existing infrastructure near its assets on Alaska's North Slope. Disclaimer*
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n\nPantheon Resources Issues Shareholder Letter and Provides Corporate Update on Dubhe-1\nLONDON, GB - December 22, 2025 - Pantheon Resources plc (AIM:PANR) (OTCQX:PTHRF) (\"Pantheon\" or the \"Company\"), the oil and gas company developing the Kodiak and Ahpun oil fields near pipeline and transportation infrastructure on Alaska's North Slope, today issued a letter to shareholders from Pantheon Chairman David Hobbs.\nDear Shareholders,\nAs we move into 2026, I would like to thank our shareholders for their continued support, provide a recap of the milestones achieved, and discuss where we are headed in the year to come. Throughout 2025 we continued our work developing what we believe is America's next great oilfield on the Alaska North Slope with billions of barrels of resources, including accelerated appraisal efforts, and new leadership and capital to lead us forward.\nDuring the year, we undertook the Dubhe-1 development demonstration to advance a capital efficient path toward commercialisation. While Dubhe-1 has not yet delivered the production outcome sought, the well generated valuable technical data and confirmed the presence of mobile hydrocarbons. Given the cost profile of winter operations and our focus on disciplined capital allocation, we have elected to pause testing at this time, a decision reflecting prudent financial management rather than diminished confidence in the asset. Supported by the capital raised during the year, Pantheon enters 2026 in a strong financial position, with flexibility to resume testing in the spring, assess additional interventions, and apply the insights gained to future development planning and farm-out discussions. The learnings from Dubhe-1 directly support our continued focus on advancing Kodiak, which remains the cornerstone of our portfolio and the primary driver of long-term shareholder value. As a reminder, Pantheon is leveraging distinct advantages with assets that are 100% located on state lands, adjacent to the Trans-Alaskan Pipeline (TAPS) and Dalton Highway, reducing development timeframe and cost with no expected environmental concerns. With a portfolio of high-impact oil projects spanning a 100% working interest across 258,000 acres, we currently hold independently certified best estimate contingent recoverable resources that currently total c. 1.6 billion barrels of ANS c...