Pantheon Resources Plc (PTHRF)
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Pantheon Resources says ‘better-than-expected' Alaska well points to resource upgrade
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 strikes new discovery in Alaska
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 results highlight “extraordinary progress”
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 eyes progress with Alaska pipeline project
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 clears debt repayment ahead of Megrez-1 news
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 start operations for Megrez well
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 directors subscribe for £55,000 worth of new shares
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 resets employee and senior management incentives
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 Vs. Pantheon Resources: The Big Discovery Trap - Part II
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 names new US-based CFO
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.
Pantheon Resources preps for next Alaska well
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors it is advancing preparations for the Megrez-1 exploration well, expected to spud next quarter. The well will be drilled from a gravel pad adjacent to the Dalton Highway on Alaska's North Slope, offering year-round operational capabilities, unlike traditional ice pads, which are constrained by the winter season.
Pantheon Resources secures rig for key Megrez-1 well
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has secured the Nabors 105AC rig to drill the Megrez-1 well in the fourth quarter of 2024. Siteworks for construction of a gravel pad along the west side of the Dalton Highway are expected to begin in September with the drill rig to be mobilised when these are complete.
