Pantheon Resources is an AIM-listed company that owns 100% of the Kodiak and Ahpun oil fields on Alaska's North Slope. Independent experts certify about 1.6 billion barrels of resources there, but the company has no production. Two wells in 2025 failed to deliver commercial flow, the shares fell from 64.7p in March 2025 to 8.6p in December, and Pantheon now needs a partner to fund development while its cash lasts to about year-end.
A big resource on Alaska state land, with nothing yet to sell
Pantheon holds a 100% working interest in about 259,000 acres on State of Alaska land. Its two projects are Kodiak and Ahpun. Netherland, Sewell & Associates put Kodiak's 2C (best estimate) contingent resource at 1,208 million barrels of Alaska North Slope crude and 5.4 trillion cubic feet of gas. Cawley Gillespie put Ahpun's western topset layers at 282 million barrels and 803 billion cubic feet. Lee Keeling added 79 million barrels at the Alkaid horizon. A contingent resource is oil known to exist but not yet commercial to produce.
The company calls itself pre-revenue. Its route to market for the gas is the proposed Alaska LNG pipeline, which would cross its acreage. In June 2024 it signed a gas sales precedent agreement to supply up to 500 million cubic feet a day at a base price of $1 per million BTU. The Alaska State Legislature has not yet approved funding for the project. 14 Sep 2026 9 Apr 2024 11 Jun 2024 1 May 2024 5 Jun 2024 9 Jun 2025
Buying acreage and promising first oil by 2026
In September 2023 the board set a goal of market recognition of $5-$10 per barrel of proved and low-case resources by late 2028. In November 2023 it targeted a final investment decision (FID) on Ahpun by end-2025, first production in 2026 for about $120m, and a Kodiak FID in 2028.
The company bought 66,240 more acres at the December 2023 lease sale. Kodiak's certified resource then rose from 963 million to 1.2 billion barrels in April 2024. Pantheon funded itself through share placings and by paying its convertible bond, a loan that can turn into shares, in cash and then in new shares. A $29m raise at 17p followed in July 2024.
The timetable slipped. By December 2024 first production was expected in 2028. In March 2025 the Ahpun FID moved to the end of calendar 2027. The $5-$10 range had become 'at least $5' by 2028. 19 Dec 2023 21 Nov 2023 14 Dec 2023 9 Apr 2024 26 Jul 2024 9 Dec 2024 24 Mar 2025 21 May 2025
Megrez-1: a thick oil column, then water
Drilling of the Megrez-1 well began in November 2024. In January 2025 management said it had found more net pay than expected and a 15-50% resource upgrade was possible. A new CEO, Max Easley, started in February 2025. A $35m convertible bond from Sun Hung Kai closed in March. The shares rose from 30p at end-2024 to 64.7p in March 2025.
Flow tests then disappointed. In April and May 2025 the tested zones produced mostly water, and the company attributed no recoverable oil to two of them. The shares fell to 34.8p in April and 26.3p in May. 11 Nov 2024 22 Jan 2025 20 Feb 2025 25 Mar 2025 14 Apr 2025 19 May 2025 21 May 2025
Dubhe-1: a $33m well that did not flow, then a reset
Management turned to the Dubhe-1 well in Ahpun's western topsets. It raised $16.25m in July 2025 and $30m in September at 25p. The well met its geological targets, with a 5,200 ft horizontal section against 3,000-4,000 ft planned. Drilling and completion cost about $33m, against an original expectation of about $10m for drilling and $15m for completion.
In December 2025 testing paused. The cleanup had produced about 100 barrels of oil and about 100,000 barrels of water. The shares fell from 26.2p in November to 8.6p in December.
Strategy then changed. Kodiak became the cornerstone and the aim became a farm-out, where a partner pays for development in return for a share of the project. The company raised $10m at 7p in January 2026 and cut costs. Michael Spencer replaced David Hobbs as chair in March 2026. 7 Jul 2025 11 Sep 2025 8 Sep 2025 2 Dec 2025 22 Dec 2025 15 Jan 2026 12 Mar 2026 31 Mar 2026
“Dubhe-1 confirmed hydrocarbons and added to our understanding of the asset, but further work will be needed before we can assess its representative production potential.” 31 Mar 2026
Certified barrels are not flowing barrels
Independent certification and the gas agreement were real achievements. But two costly wells showed that resources on paper do not guarantee oil flow, and the Ahpun timetable moved from first oil in 2026 to a 2027 FID.
Shareholders paid for this in dilution. Issued shares rose from about 944 million in March 2024 to about 1.35 billion in December 2025. The company then issued 106 million more in January 2026. The Heights convertible bond was repaid in full in December 2025, partly through share issues, but about $28.5m of the 2028 Sun Hung Kai bond remained after the July 2025 redemption. 18 Mar 2024 15 Dec 2025 15 Jan 2026 7 Jul 2025 31 Mar 2026
New chair, new chief executive, tighter costs
The board changed almost entirely in 2025-26. Easley became CEO in February 2025, with Tralisa Maraj as CFO and Erich Krumanocker as chief development officer. Spencer, whose family office IPGL holds about 7.6%, became chair in March 2026. David Wilkins joined the board that month and became CEO on 1 October 2026, succeeding Easley. Easley forfeited 5.5 million unvested share units but is eligible for 8.5 million on a farm-out.
Spencer bought CFDs, cash-settled bets on the share price, over 5 million shares in June 2026. Wilkins bought 2.2 million shares. Management surrendered share options. Administrative costs fell 22% in the first half of 2026, and the team is about 11 people. At the March 2026 AGM, more than 20% of votes opposed one special resolution. 20 Feb 2025 9 Jun 2025 12 Mar 2026 1 Oct 2026 4 Jun 2026 10 Jun 2026 14 Sep 2026 31 Mar 2026
Farm-out talks, a seismic upgrade and thin cash
The first-half 2026 loss was $9.2m. Cash was $10.2m at 30 June and $5.5m on 11 September 2026. The company says that covers it to about year-end. Without a farm-out it needs about $15m more to reach the end of 2027, and it is talking to Oak Securities and institutions, with IPGL expected to take its share.
Reprocessed Kodiak seismic data, a better-resolution re-analysis of old survey data, led management to expect at least a 25% rise in the 1.2 billion barrel 2C estimate. This is a preliminary view, not yet to industry reporting standards.
Ten parties are active in the data room. One firm proposal arrived, and the board turned it down as undervaluing the assets. The latest close was 10.4p on 9 October 2026. 14 Sep 2026 10 Sep 2026 1 Oct 2026
“The Company is not contemplating drilling on a standalone basis during the coming Winter season.” 14 Sep 2026
What management expects next
Management's priority is a farm-out partner. It also plans a formal resource estimate for Kodiak, which it says will follow as soon as practicable, and it may raise up to $15m by the end of 2026. The company has not said when a deal might close. A Kodiak appraisal well would be timed with any partner. The company is still evaluating options for its 2028 bond maturity.
Management still expects State approval of Alaska LNG, though it says political delays have pushed the timeline back. The pipeline matters because it would carry Pantheon's gas. 14 Sep 2026 1 Oct 2026
Written by AI from Pantheon Resources's own announcements since Oct 2023 · every paragraph links to its sources