Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) said it remains “laser-focused” on reaching final investment decisions (FID) for its oil fields under development in Alaska within five years.
Jay Cheatham, chief executive, said the aim was for the FID on Ahpun by the end of 2025 and FID on Kodiak by the end of 2028 and “to achieve sustainable market recognition of $5-$10 per barrel of 1P/1C recoverable resources".
Cheatham added the year to end 30 June 2023 had seen “immense progress and achievement” for Pantheon.
Data gathered and technical work done in 2023 underpins his confidence in the commerciality of the company's projects, he added.
“In fact, only last week we were the successful bidder for over 66,000 highly strategic acres, contiguous to the west and east of our existing leases.“
Pantheon’s Ahpun and Kodiak fields are located on state land on the Alaska North Slope where, following the issue of the new leases, it will have a 100% working interest in around 259,000 acres.
Losses for the year were US$1.5 million (US$13.9 million) with cash and equivalents currently (13 December) of US$7.8 million and a further US$4.1 million to be received in January.