Pantheon Resources – following yesterday’s resources upgrade, Zeus Capital update their valuation and raise their Total Risked NAV from 69p to 77p – shares up 10% to 32p

Mark Watson-Mitchell
Sep 9
2 min read

09.09.2025

Yesterday’s update from Pantheon Resources (LON:PANR), the oil and gas company developing the Kodiak and Ahpun oil fields near pipeline and transportation infrastructure on Alaska's North Slope, reported that it had successfully drilled the lateral section of its Dudhe-1 appraisal well into the target SMD-B formation.

The lateral has been drilled to 5,200ft, greater than original plans of 3,000-4,000ft, and the company is now progressing activities to frack the well, preparatory to extended flow testing.

Analyst Daniel Slater, at Zeus Capital, stated that it is the flow testing that is particularly important, because it will help prove up the company’s Alaska discoveries and provide data for design of subsequent developments, including gas offtake.

Proving up and progressing development in turn underpins the value of the company’s significant Alaska discovered resources.

Slater concludes his comments on the company and its latest news:

“Pantheon holds 100% in a series of licences onshore Alaska, where the company has made a number of large discoveries.

Across its Ahpun (SMD-B, SMD-C, Slope Fan), Ahpun Alkaid, and Kodiak assets Pantheon holds 2C resources of 1.8bn bbl of liquids and over 6tcf of gas and is now progressing towards early-stage development.

The company plans to take FID on initial development at Ahpun in 2027, targeting first production and liquids export via TAPS in 2028, with cash flows then recycled to continue development activities.

The company’s assets hold significant gas resources, and recent third-party moves to build a gas export pipeline south to Anchorage and a new potential Alaska LNG export project, supported by Pantheon gas production volumes, could help expedite further Pantheon development phases and reduce development and operating costs.

The company has cash from a US$29m equity raise in July 2024, a US$35m convertible bond issue in February 2025, and the US$16.25m July 2025 equity raise, funding ongoing activities.

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 77p total risked NAV.”

My View

The group’s shares at 28.90p have an obvious, but speculative, upside ahead.