Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) is steadfastly committed to making final investment decisions (FID) on its Alaskan oil field projects within the next five years.
CEO Jay Cheatham outlined the company’s objectives, targeting the FID for the Ahpun field by the end of 2025 and for the Kodiak field by the end of 2028. The goal is to attain a market valuation of $5-$10 per barrel for 1P/1C recoverable resources.
Cheatham highlighted the significant strides and accomplishments Pantheon has made in the year leading up to June 30, 2023. He credits the extensive data collection and technical work conducted in 2023 for bolstering his confidence in the viability of the company’s ventures.
Recently, Pantheon emerged as the winning bidder for over 66,000 strategically important acres adjacent to its current leases.
Located on state-owned land in Alaska’s North Slope, Pantheon’s Ahpun and Kodiak fields will see the company holding a 100% working interest in approximately 259,000 acres, following the acquisition of new leases.
For the fiscal year, the company reported losses of US$1.5 million (compared to US$13.9 million previously), with cash and equivalents standing at US$7.8 million as of December 13. Additionally, Pantheon anticipates receiving a further US$4.1 million in January.
