Operational Update and Change of Accounting Date

In brief · summary, not quotable

Pantheon Resources plc has provided an operational update indicating active farm-out discussions for its Kodiak and Ahpun projects, with several organizations engaged and more expressing interest, though a rapid outcome is not expected. The company also announced a change in its accounting reference date from June 30 to December 31, effective immediately, which will align internal planning and tax compliance, and has revised its reporting timetable accordingly.

Full announcement

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Pantheon Resources plc ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun projects on Alaska's North Slope, is pleased to provide the following updates:

Operational Update

Since the AGM and Board changes in March, the Chairman and CEO of Pantheon have been almost exclusively focused on farm-out discussions for the Company. There is currently a number of different organisations of varying sizes in the data room with the majority remaining actively engaged and a number of additional companies continue to express interest in engaging.

These discussions are complex and a rapid outcome should not be expected but progress is being made. The Board is encouraged by the level of ongoing engagement, and the Company currently anticipates providing an update to the market before the end of the summer.

Change of Accounting Reference Date and Reporting Calendar

The Company announces that it has resolved to change the accounting reference date from 30 June to 31 December, with immediate effect.

As a result of the change, the Company will adhere to the following reporting timetable:

Publication of its unaudited interim financial results for the 6-month period ending 30 June 2026 by 30 September 2026
Publication of its audited results for the 18-month period to 31 December 2026 by 30 June 2027
Publication of its unaudited interim financial results for the 6-month period ending 30 June 2027 by 30 September 2027
Publication of its audited results for the 12-month period to 31 December 2027 by 30 June 2028

The Company believes this change will achieve a number of benefits including better alignment with internal planning and budgeting systems which operate on a calendar year basis, and to better align it with U.S. and U.K. tax regulatory timetables, improving efficiencies in tax compliance and in administration thereof.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.