Pantheon Resources (LSE:PANR) has raised US$10 million through a conditional placing of 106.2 million new shares priced at 7.0 pence each. The funding will be used to restart flow testing at the Dubhe-1 well within the Ahpun project and to reprocess seismic data across the Kodiak structure on Alaska’s North Slope.
The capital injection is intended to support further appraisal of an estimated 282 million barrels of contingent liquids within the Shelf Margin Deltaic reservoir at Greater Ahpun, advance a gas offtake agreement with the State of Alaska and improve seismic imaging over the Kodiak prospect, which carries independently assessed contingent recoverable liquids of around 1.2 billion barrels. Management said the placing also strengthens Pantheon’s position in ongoing farm-out discussions while extending working capital coverage into the fourth quarter of 2026.
From a market standpoint, the company’s outlook remains challenged by its financial profile. Pantheon continues to report operating losses, minimal revenue and negative operating and free cash flow, despite maintaining relatively low balance sheet leverage. Technical indicators add further pressure, pointing to a strong downtrend and bearish momentum, while valuation remains constrained by negative earnings and the absence of dividend support.
More about Pantheon Resources
Pantheon Resources plc is a UK-listed oil and gas company focused on advancing the Ahpun and Kodiak projects on Alaska’s North Slope. The Group targets large-scale onshore oil and gas resources located close to existing pipeline and transportation infrastructure, with a strategy centred on appraisal drilling, flow testing and potential farm-out partnerships to move these assets toward commercial development.
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