Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) highlighted the ‘positive momentum’ of the six months to the end of December (and through 2025) so far as it reported its interim financial results.
The Alaska-focussed oil and gas junior added that the flow testing of the Megrez-1 well is due to get underway this week.
Results from the testing are expected to trigger an upgrade to Pantheon’s already substantial resource base, it said.
Meanwhile, the firm expects the continuing progress of the nearby Alaska LNG Phase 1 project to create expanded funding options for its Ahpun and Kodiak field development projects.
The interim results, meanwhile, are the first under new chief executive Max Easley who joined in February.
"We are delighted to welcome Max Easley as CEO. His experience from a successful career at BP, Apache and PETRONAS make him the ideal candidate to drive the transition from exploration and appraisal to development and production,” executive chair David Hobbs said in the statement.
“We are pleased that Jay has agreed to remain on the Board to assist with the transition.”
In terms of the results themselves, the pre-revenue small-cap reported a loss of $6.9 million after tax for the six months ended 31 December, narrowed from $7.4 million in the same period in 2023.
It ended December with $19.3 million of cash on hand and noted that $35 million of funding is expected via a previously announced convertible bond issue, due to close by the end of March.
Looking ahead, Pantheon noted that development planning for the Ahpun project continues, with a final investment decision targeted by the end of calendar year 2027 and first production planned for 2028.
The company noted that it is advanced preparing for a US listing, targeted for late 2025 or early 2026.