Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has appointed Alaskan energy executive Max Easley as its new chief executive officer as it prepares for a possible US listing and shifts from exploration to development and production. The oil and gas company, which is developing the Kodiak and Ahpun oil fields on Alaska's North Slope, said current CEO Jay Cheatham will continue to serve as a non-executive director for a handover period.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) CEO Jay Cheatham talked with Proactive about the company's latest announcement regarding the Megrez-1 well. Located in the eastern tops, this well has shown significant potential, with a 15-50% increase in resource estimates over the pre-drill figure of 609 million barrels.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors that the initial results from the Megrez-1 well, in Alaska, has exceeded pre-drill expectations. The well, part of the Ahpun project, encountered a total of seven intersections across four ‘horizons' – the Lower Sagavanirktok (three sections), Upper Prince Creek, Lower Prince Creek, and Upper Schrader Bluff (two sections).
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it has made a hydrocarbon discovery the Megrez-1 well, on the Ahpun field on Alaska's North Slope. Megrez-1 encountered multiple zones of light liquid hydrocarbons over a 1,260-foot vertical interval, it said.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) executive chair David Hobbs highlighted “extraordinary progress”, as the Alaska-focussed oil junior reported its financial results statement. Specifically, he pointed to three key areas of progress.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has highlighted support received for a pipeline project in Alaska that promises to boost its assets on the North Slope. The Alaska Industrial Development and Export Authority (AIDEA) has approved a resolution to negotiate a letter of credit with the Alaska Gasline Development Corporation (AGDC), the company noted in a statement.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has issued 9.1 million new shares at US$0.2878 (£0.2266) each to raise US$2.622 million and pay off due convertible debt before any news from its next well. Shares will be placed with the convertible bondholders at an issue price representing a 10% discount to the preceding 10-day average, with the amount to cover both principal and interest for the quarter.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has kicked off drilling operations for the Megrez-1 well, located in the Ahpun field in Alaska's North Slope. The Megrez well aims to explore three topset horizons, testing targets estimated to host up to 609 million barrels of ANS crude and 3.30 trillion cubic feet of natural gas.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) said that its executive chairman and all non-executive directors have agreed to subscribe for a total of £55,480 worth of new ordinary shares in the Alaska-focused oil explorer. The subscription will result in the issue and allotment of a total of 261,696 new ordinary shares at an issue price of £0.212 per share, the closing price on 30 October 2024.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) introduced a new employee stock ownership plan (ESOP) aimed at strengthening the alignment of employee incentives with shareholder interests. The revised ESOP, replaces a previous plans, comprises a Share Award Scheme for all employees and a Long-Term Incentive Plan (LTIP) for senior executives – with employees receiving restricted stock units (RSUs), vesting over a period of three years.
Baytex Energy, despite delisting and rejoining the NYSE, has a sustainable business model and ongoing income, unlike Pantheon Resources. Pantheon Resources saw a temporary stock price surge post-2020, but lacked earnings and cash flow to sustain it. Baytex "accidentally" benefitted from technology progress that made the Clearwater wells extremely profitable while working on its Duvernay discovery.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has announced the appointment of Philip Patman as its new chief financial officer. The appointment sees the CFO role relocated to Houston, with the move coming as the Alaska-focussed oil and gas junior advances it intended plan to add a listing of its shares in the United States, subject to market conditions.