Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) has revealed a strategic pivot aimed at gaining consistent market acknowledgement of its recoverable resources, with plans to move management to Houston as part of this fresh strategy.
The Alaska-centric exploration firm, recognized for numerous discoveries in the North Slope region, has informed AIM investors of its intentions to prepare for a Nasdaq listing.
The company is operationally seeking to achieve a valuation equal to US$5 to US$10 per barrel of resource by the end of 2028. This deviates from Pantheon’s past strategy which focused on finding enough oil resources to establish partnerships or an earlier sale of the firm.
In a statement released after the London market closed on Wednesday, Pantheon explained that the new approach is a reaction to “recent market shifts”, leading the firm to consider a range of financing options including debt, equity, and joint ventures.
“We fully understand the magnitude of the challenges ahead, but we are committed to mitigating shareholder value dilution,” stated Pantheon’s Chair, David Hobbs.
In conjunction with the new strategy, Pantheon is looking to rename, regroup and redefine its project areas, seeing them now as two major fields: Kodiak and Ahpun. These fields, which have an estimated total recoverable contingent resource of over 2 billion barrels, will become the primary focus of Pantheon’s resource development and expansion plans.
In its quest to advance strategies for these assets and generate sufficient financial resources for future development, the company targets a ‘Final Investment Decision’ (FID) by September 2025 for an initial development stage at Ahpun.
Ahpun, which includes the previously defined Alkaid and Talitha projects, is situated in the eastern section of Pantheon’s land. The company intends to establish a production operation here, targeting approximately 20,000 barrels of ‘marketable liquids’ daily. This project could require a capital investment of roughly US$300 million.
To achieve this objective, Pantheon foresees a multi-channel financing strategy, dividing the funding into incremental stages.
In other news, Kodiak, formerly Theta West, will be assessed in a new ‘Independent Expert Report’ (IER) due for completion and delivery by consultant Netherland, Sewell & Associates (NSAI) in July.
Simultaneously, on a corporate level, Pantheon aims to set up a new headquarters in Houston, Texas. The company is currently in the process of recruiting US financial advisers to explore a US or dual listing on NASDAQ.
