Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF)'s executive chair David Hobbs highlighted “extraordinary progress” as the Alaska-focused oil junior reported its financial results statement.
Specifically, he pointed to three key areas of progress.
“We received independent validation of the company's contingent resources base at 1.6 billion barrels of ANS crude,” Hobbs said.
“We funded and are executing the Megrez-1 well programme, with its potential to add up to a further c. 40% to the overall resource base.
“We secured a path to potential monetisation of the 6.6 trillion cubic feet of natural gas in a way that may support the development capital needs from Ahpun FID."
In the results statement for the year ended 30 June, the company highlighted contingent resources of approximately 1.6 billion barrels of Alaska North Slope (ANS) crude and 6.6 trillion cubic feet of natural gas.
The company is working towards a goal of achieving market recognition of $5-$10 per barrel of recoverable resources by 2028.
Operational highlights included the spudding of the Megrez-1 well and securing a gas sales precedent agreement with the Alaska Gasline Development Corporation.
In terms of financials, the company reported a loss of $11.6 million and confirmed cash reserves of $23.7 million as of 9 December.