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
Today · 11 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
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	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