Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun projects near pipeline and transportation infrastructure on Alaska's North Slope, is pleased to announce that it has raised $10 million of new capital (before expenses) by way of a conditional placing (the "Fundraise") of new Ordinary Shares at a price of 7.0 pence per share (the "Issue Price") to support near-term appraisal activities across the Ahpun and Kodiak projects and for general working capital.
The proceeds help underpin the Company's plans for the Dubhe-1 testing which include the acquisition and analysis of new and existing well data, preparing procedures for a cost effective and productivity enhancing start-up leading to resumption of the flow testing programme.
Resumption of Dubhe-1 testing represents an important step towards the commercialisation of an estimated ~282 million barrel liquid contingent (2C) resource(1) in the Shelf Margin Deltaic reservoir, and ultimately, the overall greater than 500 million barrel contingent (2C) resource(2) in the Greater Ahpun Area. It would also underpin the gas offtake precedent agreement with the State of Alaska.
In addition, remaining proceeds will be allocated to reprocessing existing Kodiak seismic data to deliver higher-quality reservoir imaging, supporting the potential for drilling of an appraisal well possibly as early as the 2026/27 winter season and subject to further financing. The Kodiak resource, currently assessed by third party independent experts(3) at 1.2 billion barrels of contingent (2C) recoverable liquids, with substantial upside potential to 2.8 billion barrels (3C), has already attracted industry interest. There are currently several parties in farm-out discussions with the Company, and the reprocessed seismic is expected to further strengthen the Company's position in any such farm-out discussions.
The placing (the "Placing") of 106,209,678 new Ordinary Shares (the "Placing Shares" or "New Ordinary Shares") has been conducted by Oak Securities as sole bookrunner ("Oak Securities" or the "Bookrunner").
The New Ordinary Shares, when issued, will all be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.
Application will be made to London Stock Exchange plc for admission of the 106,209,678 New Ordinary Shares to trading on AIM ("Admission") and it is expected that Admission will take place at 8.00 ?a.m. (London time) on or around 22 January 2026 (or such later time and/or date as may be agreed between the ?Company and the Bookrunner, being not later than 8.00 ?a.m. (London time) on 30 January 2026). The Fundraise is conditional upon, inter alia, Admission ?becoming effective and the Placing Agreement not otherwise being ?terminated in accordance with its terms.
Max Easley, Chief Executive Officer, said: "Today's financing further enables our forward programme at Dubhe-1. Prior to the suspension of testing in December the well was exhibiting increased gas production volumes, and we are very keen to recommence operations after pressure build-up and other analysis has been completed. Completion of the testing programme will determine the next steps for the development of the Ahpun asset and will potentially unlock significant value for the Company.
"In addition, upgrading the seismic over the Kodiak structure now may significantly strengthen our position in ongoing farm-out discussions.
"We look forward to updating shareholders on both fronts in the coming weeks."