Pantheon Resources

PANR · AIM · Energy · mcap £159m · 10.4p

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.

Target	Promise	Said	Status
2024
Q4 2024	Spud Megrez-1 in Q4 2024 and conduct extended testing if successful	25 Jul 2024	◐ Partly kept
	“being able to spud the Megrez-1 well on our Ahpun Eastern Topsets in Q4 this year and to be able to conduct extended testing on that well in a sussess case” Also stated 12 Aug 2024 Status so far Megrez-1 spudded November 2024, but testing produced water and no recoverable oil. “Pantheon Resources plc (AIM:PANR, OTCQX: PTHRF) (”11 Nov 2024 · Spudding of Megrez-1 well “The well produced at a rate in excess of 2,000 barrels of liquid per day, with no appreciable quantities of oil or gas recovered.”21 May 2025 · Further Results from the Flow Testing of Megrez-1
2025
31 Mar 2025	Begin Megrez-1 multi-zone flow tests by end of March 2025	10 Dec 2024	✓ Kept
	“Initial Four Flow Tests Planned at 10 Days Each, Beginning in Q1 2025” Also stated 3 Mar 2025 Result Flow testing began in April; first interval gave water only, and testing ended in May with no oil recovered. “The well was brought on production on 3 April 2025. The well initially produced strongly against a 30/64 inch choke and the well was gradually increased to a final rate of over 1,000 barrels per day. During the 12 day testing programme, the well sustained high fluid rates with no indications of decline. However, no appreciable oil or gas was recorded at surface.”14 Apr 2025 · Preliminary Results from Flow Testing at Megrez 1
summer 2025	Start Dubhe-1 well activities in summer 2025	19 May 2025	✓ Kept
	“Pantheon continues to plan for the Dubhe-1 commercial demonstration well, located in the Ahpun field western topsets, with activities targeted to commence during summer 2025.” Result Rig mobilised in July and Dubhe-1 spudded on 22 July 2025. 22 Jul 2025 · Spudding of Dubhe-1 well
Today · 10 Oct 2026
2026
Q1 2026	Complete US senior exchange listing, targeted for 2025 then Q4 2025 or Q1 2026	21 Nov 2023	✗ Missed
	“a Q4 CY 2025 or Q1 CY 2026 completion” Also stated 12 Dec 2023 · 24 Mar 2025 · 7 Jul 2025 Result No US listing by Q1 2026, and the 2026 focus is the farm-out. “Initiated a comprehensive cost reduction programme, including streamlining the organisation, suspending US listing activities and reviewing all contracts to minimise expenditure while maintaining the asset base”31 Mar 2026 · Unaudited Interim Results
spring 2026	Resume Dubhe-1 testing in spring 2026	22 Dec 2025	✗ Missed
	“shut in for static reservoir testing with an intention to restart further production testing in 2026” Also stated 30 Dec 2025 Result Later updates (March, September 2026) focus on conserving cash and the farm-out. No resumption of testing is reported. “Dubhe-1 drilled and tested, confirming the presence of movable hydrocarbons, prior to being shut-in for pressure build-up and other analysis, and re-start of testing pending the outcome of partnering discussions”31 Mar 2026 · Unaudited Interim Results “Development drilling remains contingent on securing an appropriate farm-out partner and is not currently planned on a standalone basis.”14 Sep 2026 · 2026 Interim Results and Corporate Updates
2026	Secure a farm-out partner and update the market before end of summer 2026	31 Mar 2026	… In progress
	“our absolute focus at Pantheon in 2026 is to conserve our financial resources and identify the ideal financial partner” Also stated 23 Apr 2026 · 14 Sep 2026 Status so far Not yet due.
2027
end of CY 2027	Ahpun final investment decision by end of 2025	14 Nov 2023	✗ Missed · target changed
	“the FID on the Ahpun project is expected towards the end of CY 2027” Also stated 21 Nov 2023 · 24 Mar 2025 Result March 2025 results moved Ahpun FID to late 2027, and a later announcement said no later than June 2029. “Continued progress on development planning to support the goal of Ahpun FID towards the end of CY 2027”24 Mar 2025 · Unaudited Interim Results “As a result of this work, the FID on the Ahpun project is expected towards the end of CY 2027, with the FID on the Kodiak project forecasted by CY 2029.”24 Mar 2025 · Unaudited Interim Results
2028
2028	Sustainable market recognition of $5-10 per barrel of 1C/1P recoverable resources by end 2028	18 Oct 2023	… In progress
	“Our commercial strategy established in 2023 was resource led and capital disciplined, focused on achieving sustainable market recognition exceeding $5 per barrel of independently certified 1P and 1C recoverable liquids.” Also stated 9 Dec 2024 · 22 Dec 2025 Status so far Not yet due.
2028	First Ahpun production in 2026	21 Nov 2023	✗ Missed · target changed
	“First production is now expected in 2028” Also stated 19 Dec 2023 · 9 Dec 2024 Result First production was pushed to 2028 in December 2024, with FID not expected until late 2027. “First production is now expected in 2028, which leaves the strategic goal of achieving sustainable value recognition by late 2028 unchanged.”9 Dec 2024 · Final Results “Consistent with these targeted dates, the first Ahpun production is planned during CY 2028.”24 Mar 2025 · Unaudited Interim Results
2028	Complete Kodiak appraisal and take FID in 2028	21 Nov 2023	… In progress
	“FID targeted for 2028” Also stated 18 Mar 2024 Status so far Not yet due.
2032
2032	Supply up to 500 mmcfd gas to Alaska pipeline, initial volumes 2029, full capacity 2032	28 Mar 2024	… In progress
	“Targeting delivery of initial volumes in 2029, ramping up to full capacity by 2032” Also stated 5 Jun 2024 Status so far Not yet due.