Pantheon Resources – Big $30m Capital Raise to fund progress on Alaska’s North Slope, possibly ahead of a US listing, shares 26.50p, brokers 77p total risked value

11.09.2025

This afternoon the £387m-capitalised 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, has announced that it has raised $30m of new capital by way of a conditional placing and subscriptions at a price of 25p per share.

The proceeds will increase the Company's liquidity in support of operational activities at Dubhe-1 (including stimulation and flow testing), development planning activities for Ahpun, commercial activities related to gas monetisation, additional support for the preparation of a US stock exchange listing and general working capital.

The placing of 79,726,389 new Ordinary Shares has been conducted by Oak Securities, Canaccord Genuity and Zeus Capital as joint bookrunners.

Dubhe-1 Progress

Earlier this week, on Monday 8^th September, the group 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.

At that time Erich Krumanocker, Chief Development Officer, stated that:

"We are delighted to announce the Dubhe-1 horizontal lateral as a success, landing the well in the target reservoir and exceeding our expectations for the length.

We are looking forward to progressing with the completion and subsequent flow testing of this well."

Management Comment

Executive Chairman David Hobbs stated that:

"In line with our strategy to fund ahead of expected requirements, we have bolstered our liquidity to take us towards the anticipated US Listing and all development planning activities between now and then.

There was strong interest in the Fundraise and the Company scaled back demand to $30 million, and the 9% discount to the market closing price of 27.5p per share reflects that strong interest.

Operationally, we are on track to commence hydraulic stimulation and thereafter, flow testing operations in the coming weeks.

Frac sand is already in Deadhorse and equipment is starting to mobilise - and overall, Dubhe-1 programme costs are tracking at or below original estimates."

I want to add my appreciation for the work done by Erich and his team in moving us towards flow testing the lateral in Dubhe-1, an important milestone for the Company.

Our expectation is that a successful flow test will demonstrate a clear path to commercial development including supply of associated gas through the AK LNG Phase 1 pipeline."

My View

At the current 26.50p this group’s shares have strong speculative appeal.

I now fix a new and very easy Target Price of 34p on the shares.

(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.