Pantheon Resources reports narrower full-year loss

(Sharecast News) - Pantheon Resources reported a narrower loss for the year ended 30 June on Tuesday, as the Alaska-focused oil and gas developer continued to invest in its leadership team, appraisal programme and development planning ahead of potential project execution.

The AIM-traded group posted a total comprehensive loss after tax of $5m, compared with a $13.4m loss a year earlier, with the improvement largely reflecting non-cash accounting items related to its convertible bonds, partly offset by higher general and administrative costs.

Cash, cash equivalents and term deposits stood at $13.2m at year-end, up from $7.9m a year earlier.

During the year, Pantheon raised $64m before costs through a combination of convertible bond and equity issuances, with proceeds used primarily to fund the Megrez-1 drilling programme, preparatory work for the Dubhe-1 well and ongoing corporate expenses.

After the period ended, the company raised a further $46.25m before costs to support continued work at Dubhe-1 and meet corporate and administrative requirements.

In December, Pantheon fully repaid the Heights convertible bond, reducing notional principal outstanding from $9.8m at 30 June to nil.

Operationally, the company drilled and completed the Megrez-1 exploration well, which did not flow hydrocarbons to surface during testing but remains a potential future development target once permanent facilities are in place.

Pantheon also drilled and completed the Dubhe-1 appraisal well in the Ahpun reservoir, which was flow tested for two months before being shut in for static reservoir testing, with further production testing planned for 2026.

The company said it continued to advance development planning, permitting and engineering work across its Kodiak and Ahpun oil fields on Alaska's North Slope.

Independent expert reports completed in 2024 certified a combined total of around 1.6 billion barrels of Alaska North Slope crude oil and 6.6 trillion cubic feet of natural gas.

The firm also maintained engagement with Glenfarne Alaska LNG on the proposed Alaska LNG Phase 1 project, following the gas sales precedent agreement signed in 2024, as Glenfarne progressed regulatory approvals, strategic partnerships and discussions with Asian buyers.

It said the year also saw significant changes to the executive and board team, with the appointment of Max Easley as chief executive officer, Tralisa Maraj as chief financial officer, Erich Krumanocker as chief development officer and Alaska policy veteran Marty Rutherford joining the board.

Executive chairman David Hobbs said the 2025 financial year was focused on preparation following the independent certification of the company's resource base.

"Financial year 2025 was a year of continued investment and preparation for Pantheon as we worked to strengthen the foundations of the business," he said.

"Following the 2024 independent certification of our resource base, in 2025 we focused on building the organisational, technical and governance capabilities required to support the company's targeted transition toward potential development activities."

He added that progress had been made across several strategic initiatives.

"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," Hobbs said.

"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."

At 1406 GMT, shares in Pantheon Resources were up 5.6% at 8.86p.

Reporting by Josh White for Sharecast.com.