Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) has highlighted strong momentum during the six months to the end of December and into the early part of 2025, as it released its interim financial results.
The Alaska-focused oil and gas company also confirmed that flow testing at the Megrez-1 well is scheduled to begin this week.
The company noted that the results from these tests are expected to support an upgrade to Pantheon’s already significant resource base.
Pantheon Resources expects continued progress on the nearby Alaska LNG Phase 1 project to broaden funding opportunities for the development of its Ahpun and Kodiak fields.
The interim results mark the first under new chief executive Max Easley, who joined the company in February.
“We are pleased to welcome Max Easley as CEO,” said executive chair David Hobbs. “With a successful career at BP, Apache, and PETRONAS, Max brings the ideal expertise to lead our transition from exploration and appraisal into full-scale development and production.”
Hobbs added that Pantheon has maintained strong momentum through the six months to 31 December 2024 and into 2025, with several key developments underway. He noted that flow testing of the Megrez-1 well, set to begin this week, is expected to support an upgrade to the company’s already substantial resource base. He also highlighted the strategic importance of the Alaska LNG Phase 1 project in unlocking additional funding options for advancing Ahpun and, subsequently, Kodiak.
“We’re grateful that Jay has agreed to remain on the Board to support this leadership transition,” Hobbs added.
“We also thank our shareholders for their continued support as we execute our strategy — maintaining discipline, focusing on progress toward our goal of achieving sustainable market recognition of at least $5 per barrel of 1C/1P recoverable resources, while working to minimise shareholder dilution.”
