Pantheon Resources
PANR · AIM · Energy · mcap £138m · 9.1p 3 open situations →
- EV
- £140m
- EV / EBIT
- –
- Net debt
- £6.9m
- FCF yield
- -7.2%
- Revenue
- £0k
- Share price 1y
- −69%
- Insiders 12m
- bought £353k
- Next report
- around 29 Dec
Pantheon Resources owns oil and gas leases on Alaska's North Slope, mainly the Ahpun and Kodiak projects. It has no production yet and funds itself through share issues and convertible bonds.
Open · 3
2023 strategy reset
New management began reshaping the strategy in December 2025, with Kodiak as the priority, cost cuts, US listing suspended and a restructured Board under Chairman Michael Spencer. Independent NED Wilkins is now CEO, replacing Easley, and the Board is reviewing its composition and may add members.
- Priority asset
- Kodiak is the cornerstone and key driver of shareholder value
- Cost programme
- Streamlining organisation, suspending US listing activities, reviewing all contracts
- Board
- Considering its future composition; further appointments possible
- Near-term focus
- Technical studies, preserving liquidity, securing a partner
- New CEO
- David Wilkins, ex-Hilcorp Alaska and Marathon Oil, appointed 1 October 2026
- Departing CEO
- Max Easley joins another Alaska operator and stays for a period for handover
Next: Further Board appointments, date not stated
- 1 Oct 2026 Wilkins CEO; Board review ongoing
- 31 Mar 2026 Kodiak-first repositioning, cost cuts, new Board
- 16 Feb 2026 Board reshaped; focus moving to engineering
- 30 Dec 2025 New CEO, CFO and CDO in place
Farm-out and funding
Led to Dubhe-1 flow test – Shut in; restart pending partnering outcome
Data room opened March 2026 with ten parties now active. One firm proposal was declined as undervaluing the assets. Cash was $5.5m at 11 September, lasting to about year-end, and about $15m more is needed to end-2027 without a deal. On 1 October, CEO Easley left and Wilkins took over to lead the farm-out talks. 8.5m of Easley's RSUs can still vest on completion of a farm-out.
- Process
- Ten parties active in data room; one firm proposal not pursued
- Investor support
- Oak Securities and several institutions; IPGL expected pro-rata
- New CEO
- David Wilkins, a Board member since March 2026, replaces Max Easley with immediate effect
- Easley RSUs
- 8,500,000 of 14,017,841 unvested RSUs can still vest, subject to conditions tied to completing a farm-out
- Wilkins pay
- US$100,000 base plus 3,000,000 shares a year for two years; 6,000,000 RSUs vesting in three annual tranches
- Result
- Early flowback confirmed mobile hydrocarbons; testing paused December 2025
Next: Farm-out outcome; further funding if no deal
- 1 Oct 2026 Ten parties in data room; new CEO
- 14 Sep 2026 Ten parties in data room; one proposal rejected
Dubhe-1 flow test
Follows from Farm-out and funding – Ten parties in data room; new CEO
Reprocessing of the up-dip northwest Kodiak area began in February 2026 and is now complete, on budget and on time. Management expects at least a 25% rise in the 2C resource from 1.2bn barrels, within the 2.8bn 3C. This is a preliminary non-PRMS view; a formal estimate will follow. No standalone drilling is planned this winter.
- Work
- 3D seismic reprocessing, north-west Kodiak, up-dip from Theta West-1
- Funding
- $10m January 2026 raise allocated to reprocessing and general purposes
- Next milestone
- Appraisal well location optimisation; no standalone drilling this winter
- Area
- About 238 square miles, northwestern lease area
- Preliminary view
- 2C uplift of at least 25% from 1.2bn barrels; 3C is 2.8bn
- Status
- Not PRMS compliant; formal estimate as soon as practicable
Next: Formal PRMS Kodiak resource estimate and appraisal well location
- 14 Sep 2026 Reprocessing complete; formal resource estimate pending
- 31 Mar 2026 Shut in; restart pending partnering outcome
- 16 Feb 2026 Seismic reprocessing started; well preparations only
- 15 Jan 2026 Shut in; restart planned, now funded
Closed · 3
Company filings. Not investment advice.