Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) CEO Jay Cheatham and Executive Chairman David Hobbs joined Steve Darling from Proactive to provide an update on the company’s strategic direction. The focus is on transitioning from current operations to a manufacturing-style setup, similar to West Texas wells.
Cheatham highlighted the need for long lead time items like frac sand, tubulars, chemicals, and metering equipment for the Trans Alaska pipeline. He also emphasized the complexity of acquiring specialized technical equipment, dispelling the notion of off-the-shelf solutions.
Hobbs, shared with Proactive the meticulous process of building controls, governance, and ensuring Sarbanes Oxley compliance.
Hobbs outlined plans for a US exchange listing by mid-2025, with funding discussions underway to minimize equity issuance. He addressed the conservative estimate of needing $300 million in capital, emphasizing the focus on risk management and portfolio optimization.
He also pointed out that self-sustainability is a common approach in the industry and stressed the company's commitment to meticulous groundwork.
Looking ahead to 2024, the executives anticipate continued intensive efforts to secure necessary components and engage with vendors, encouraging stakeholders to explore the detailed information on the company's website.