Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) told investors that new seismic work could lift the recoverable resource estimate at its Kodiak oil field in Alaska by at least 25%, as negotiations with potential farm-out partners move forward.
The AIM-listed group completed its 2026 Kodiak seismic reprocessing programme on time and within budget, producing higher-resolution images of the reservoir and improving its confidence in its extent and continuity. Management expects the existing 1.2 billion-barrel 2C contingent recoverable liquids resource to increase by at least a quarter, with a formal resource estimate due once evaluation is complete.
Pantheon said ten parties remain active in its farm-out data room at various stages of evaluation and negotiation. One firm proposal has already been received, but the board opted not to pursue it after deciding it undervalued the company's assets. Development drilling remains dependent on securing a partner, with no standalone winter drilling programme planned.
The company meanwhile flagged a potential funding requirement if a farm-out is not completed. Cash stood at US$5.5 million on 11 September, with existing resources expected to last around year-end. Pantheon estimates it would need around US$15 million to fund the business through the end of 2027 and may seek to raise up to that amount before year-end.
For the six months to June, Pantheon narrowed its operating loss to US$6.1 million from US$7.9 million, helped by a 22% reduction in administrative expenses to US$5.3 million. The overall loss was US$9.2 million, compared with net income of US$2.7 million a year earlier, when results benefited from a sizeable non-cash convertible bond revaluation gain.
