Pantheon Resources – ‘all hands on deck’ got to get the shares back above the 25p Placing Price – shares now 24.75p, while broker lowers Target Price to 66p

Mark Watson-Mitchell – 24.09.2025

Following the recent $30m new capital fundraising of just two weeks ago, with some 79.73m new shares being placed @ 25p each by the three joint bookrunners – Oak Securities, Canaccord Genuity and Zeus Capital – there must be some investor calls looking for support of the shares as they ease below the 25p price.

However, it is quite normal for some quicker traders taking their turns by selling the stock while it is at a premium – which inevitably helps to lower the price.

Pantheon Resources (LON:PANR), the oil and gas company developing the Kodiak and Ahpun projects near pipeline and transportation infrastructure on Alaska's North Slope, had earlier this month announced the successful drilling of the Dubhe-1 appraisal well lateral to a total measured depth of 15,800 ft, with approximately 5,200 ft within the SMD-B target reservoir, exceeding the pre-drill targeted length of 3,000-4,000 ft.

Analysis confirmed the reservoir quality remained consistent with the pilot hole results.

The company has updated its best estimate resources for the Ahpun area to 589m barrels of marketable liquids, representing an increase of 228m barrels, or approximately 63%, from previously certified resource estimates.

Agreements are in place with key suppliers for hydraulic stimulation of the lateral ahead of flow tests.

Operationally, the group has confirmed that it is on track to commence hydraulic stimulation and thereafter, flow testing operations in the coming weeks.

Last Thursday, 18^th September, analyst Daniel Slater, at Zeus Capital, stated that:

“Going forward, we look for further news from the Dubhe-1 appraisal well, and subsequent progression of development planning and funding going into Ahpun development FID.

We have a positive outlook for the shares, and value them in-line with our 74p total risked NAV.”

Whilst earlier today, Charlie Sharp and Phil Hallam, at Canaccord Genuity Capital Markets, eased back their Target Price on the group’s shares from 70p down to 66p, stating that:

“Pantheon has now presented the anticipated timetable for stimulation and testing of the primary reservoir, SMD-B, in the Dubhe-1 well.

We expect those operations to provide further high-impact newsflow over the next few months.”

They concluded that:

“We think that the strengthened balance sheet and improved near-term financial flexibility are much more significant than the small reduction in our risked valuation.”

I have not as yet seen any updated comment from Oak Securities.

However, in my opinion, and I state clearly now that I am not a sector specialist in any way, but merely act as a market observer, that it would appear to be a cracking opportunity to buy into Pantheon Resources right now, especially considering the potential newsflow coming over the next weeks and months.

(Profile 22.05.23 @ 17.07p set a Target Price of 22.50p*)

(Profile 11.09.25 @ 26.50p set a Target Price of 34p)

Asterisk * denotes that Target Price has been achieved since Profile publication.