Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) rallied as the Alaska-focused oil explorer hailed a report by independent consultant NSAI as validation of the huge amounts of oil it has often suggested lie under its licences.
NSAI gave a mid-range estimate of almost one billion barrels for the Kodiak field, one of a couple of keenly watched prospects in the area, and that, Pantheon said, was a big deal given its current market cap of £123 million.
That is about a tenth of where it was a year ago and Pantheon still has to get the oil out, but this independent assessment will be a big help in its search for a deep-pocketed partner, it said.
Shares rose 2.18p or 16% to 15.78p.