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  • Writer's pictureMark Watson-Mitchell

Pantheon Resources – Billionaire Tory Donor Builds Up His Stake In The Alaskan Oil & Gas Company

Former Conservative Party Treasurer and major donor Michael Spencer is building up his open position in the shares of the Alaska North Slope oil and gas group Pantheon Resources (LON:PANR).


Michael Spencer


Billionaire Spencer, 69, aka Baron Spencer of Alresford, is better known for his ICAP business, a world-leading intermediary in the wholesale financial, energy and commodities markets.


Spencer is Chairman, director and majority shareholder in IPGL, a private holding company making investments on behalf of Spencer and other family trusts.


Pantheon Resources


Pantheon is an independent oil and gas company with a 100% working interest in a portfolio of high-impact oil projects focused on the Alaskan North Slope spanning some 193,000 acres, all on state (not federal) land.


The company is expecting that an additional 60,000 acres will be formally awarded this summer.


The Alaska North Slope is a prolific oil province now regarded as a ‘Super Basin’ which is experiencing an exploration and development revival.


Pantheon and its wholly-owned subsidiary, Great Bear Petroleum, has been operating in Alaska for over a decade where it has invested over $350m in building and appraising its portfolio, which includes several major discoveries.


In Alaska, Pantheon has discovered two major fields, Kodiak and Ahpun, which the company estimates contain contingent recoverable resources in excess of 2bn barrels of marketable liquids. 


Market View


Analysts Charlie Sharp and Phil Hallam at Canaccord Genuity currently have a Buy rating on Pantheon’s shares with a Price Objective of 90p.


Spencer and his IPGL company have increased their total position in Pantheon’s shares from 7.01% to 8.11%.



In the last year the oil and gas group’s shares have been as High as 45.50p and as Low as 10.10p – they are currently trading at 25.00p, valuing the whole company at £240m.

 

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