Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) chair David Hobbs, in Tuesday's results statement, described the financial year as one of 'continued investment and preparation'.
In the twelve-month period, ended 30 June, the junior oil and gas firm raised capital, appointed key new executives and worked on more than one welll.
"We worked to strengthen the foundations of the business," Hobbs said in the statement.
"In 2025, we focused on building the organisational, technical and governance capabilities required to support the company's targeted transition toward potential development activities. This included further investment in our team, systems and project planning, while maintaining a disciplined approach to capital allocation.
"During the year, we also made progress advancing key strategic and technical initiatives, including engagement with Glenfarne in connection with the proposed Alaska LNG project, ongoing work related to the Environmental Impact Statement and Trans Alaska Pipeline System (TAPS) engineering, and ongoing appraisal activities at Dubhe-1. The appointments of Max Easley as Chief Executive Officer and Tralisa and Erich to the executive team further strengthen the company's leadership and financial oversight as we continue to evaluate development pathways on behalf of our shareholders."
In terms of financials, Pantheon reported a total comprehensive loss of $5 million for the financial year ended 30 June.
The company raised $64 million before costs via a combination of convertible bonds and equity. These funds supported the Megrez-1 and Dubhe-1 drilling programmes and general corporate expenses. An additional $46.25 million was raised after the year-end to fund ongoing operations.
The Megrez-1 exploration well, drilled in late 2024, encountered oil-bearing zones but did not produce hydrocarbons during flow testing. It remains a potential future development opportunity.
Dubhe-1, drilled in the Ahpun reservoir, was completed and flow tested over a two-month period. It is now shut in for static reservoir testing with further production testing scheduled in 2026.
Pantheon retains estimated contingent recoverable resources of approximately 1.6 billion barrels of crude and 6.6 trillion cubic feet of associated natural gas across its projects.