Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) announced a strategic shift which is said aims to achieve “sustainable market recognition of its recoverable resources”, and, it plans to relocate management to Houston as part of the new approach.
The Alaska-focussed explorer, which has unearthed multi new discoveries in the North Slope region, also told AIM investors that it has begun planning for a float on the Nasdaq.
Operationally, the explorer said it is targeting a valuation that would be equivalent to US$5 to US$10 per barrel of resource by the end of 2028.
It marks a change from Pantheon’s previous strategy which had instead sought to prioritise the discovery of sufficient oil resource volumes to secure partnerships or a nearer-term sale of the company.
Pantheon, in a statement released after Wednesday’s market close in London, said the new approach was a response to “recent market shifts” which have prompted he company to seek diversified financing alternatives like debt, equity, and joint ventures.
"We are under no illusions as to the scale of the tasks ahead but determined to minimise value dilution to shareholders," said Pantheon chair David Hobbs.
Alongside the new strategy, the company also seeks to rename, regroup and redefine its project areas.
Moving forward it now see them as two significant fields, called Kodiak and Ahpun.
These will now be Pantheon’s primary focus in terms of resource development and expansion efforts.
It said that these focus areas presently have an estimated aggregate recoverable contingent resource of over 2 billion barrels.
A key priority as the company seeks to advance its strategy for these assets, and in order to generate enough financial resources for future development, it is targeting a ‘Final Investment Decision’ (FID) by September 2025 for an initial development stage at Ahpun.
Ahpun, a play that includes the previously defined Alkaid and Talitha projects, is located in the eastern portion of Pantheon’s acreage.
Here, it aims to establish a production operation targeting some 20,000 barrels of ‘marketable liquids’ per day. Such a project could demand a capital investment of around US$300mln it noted.
To meet this goal, Pantheon expects it is unlikely to rely on a single financing channel and instead anticipates it will break down financing into staged tranches.
Elsewhere, Kodiak - previously known as Theta West – will be the subject of a new ‘Independent Expert Report’ (IER) which is due to be completed and delivered by consultant Netherland, Sewell & Associates (NSAI) in July.
At the same time, on a corporate level, the company said it plans to establish a new head office in Houston, Texas.
Pantheon is in the process of appointing US financial advisers to explore a US listing or dual listing on NASDAQ.