Business
Strategy Update
Strategy Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n\n\n \n \n \n \n \n21 November 2023\nPantheon Resources plc\nStrategy Update - Pathway to Financial Self-Sufficiency\n \nPantheon 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 193,000 contiguous acres in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, is delighted to take this opportunity to consolidate the narrative around progress to achieving its objective of sustainable market recognition of $5-$10 per barrel of 1P/1C recoverable marketable liquids by 2028.\n \nIn June 2023, Pantheon embarked on a renewed strategy, promising to keep investors informed regularly, to share progress as it arises and to drive progress to financial self-sufficiency as quickly as possible and at minimum possible value dilution to existing shareholders.\n \nHighlights:\n \n· Pantheon's strategy revolves around Final Investment Decision (\"FID\") at Ahpun by the end of 2025, bringing it on stream in 2026, and completing the appraisal of Kodiak ahead of its planned FID in 2028\n· Conservative estimate of the capital required for first production is $120 million\n· Pantheon's strategy to reduce the equity capital required is based on three main pillars:\no Vendor financing\no Offtaker financing\no Reserves based lending\n· For conceptual development planning purposes, Pantheon has assumed a typical well profile based on more conservative properties than encountered in the long term test at Alkaid-2\n· A transition programme to achieve Sarbanes-Oxley compliance in time for a potential US listing in 2025 is underway.\n \nDavid Hobbs, Pantheon's Executive Chairman, commented: \"The team has undertaken a great deal of analysis and refined our planning case to ensure that we organise funding on an appropriately conservative basis. We look forward to putting the whole story together to help investors understand the different milestones on the way to full field developments, with FID on the whole of Ahpun planned for late 2025 and for Kodiak during 2028.\"\n \nField Definitions\nEarlier this year, in ...