Pantheon Resources (PANR) H2 2024 earnings summary

Executive summary

• Achieved independent certification of 1.6 billion barrels of contingent oil resources and 6.6 Tcf of natural gas, with significant progress on the Ahpun and Kodiak projects and a refreshed strategy targeting $5–$10 per barrel value recognition by 2028.

• Secured a Gas Sales Precedent Agreement with AGDC, enabling monetization of gas and potential helium resources, and advanced plans for a hot-tap into the Trans Alaska Pipeline System.

• Completed key management transitions, established a Houston headquarters, and initiated preparations for a potential US senior exchange listing.

• Raised $29 million post-year-end, ensuring funding for the Megrez-1 well and ongoing development activities.

Financial highlights

• Reported a net loss of $11.5 million for FY2024, compared to a $1.5 million loss in FY2023, primarily due to a $0.3 million loss on convertible bond revaluation versus a $11.3 million gain in the prior year.

• Adjusted loss (excluding bond revaluation) was $11.2 million, an improvement from $12.8 million in FY2023.

• Revenue from oil sales during testing was $13,393, with cost of sales at $7,153.

• Cash and cash equivalents at year-end were $7.9 million, down from $20.7 million in 2023.

• Raised approximately $15.4 million through equity placements during the year, with 960.9 million shares outstanding at year-end.

Outlook and guidance

• Targeting FID on Ahpun by 2H 2027 and Kodiak by 2029, with first production expected in 2028.

• Funding requirement to first production estimated at $150 million, with a focus on non-equity sources to minimize dilution.

• Strategic goal remains sustainable market recognition of $5–$10 per barrel of recoverable resource by 2028.

• Ongoing preparations for a US stock market listing and enhanced governance to Sarbanes-Oxley standards.