Pantheon Resources - pause in testing to conserve capital

Mark Watson-Mitchell - 22.12.2025

News comes from the North Shore of Alaska today that will not please shareholders in Pantheon Resources (LON:PANR).

The group has today provided a corporate update and shareholder letter, highlighting that while the Dubhe-1 well has confirmed mobile hydrocarbons, it has not yet achieved the desired production outcome, leading to a pause in testing to conserve capital and await spring conditions for more cost-effective operations.

The company reported unaudited cash, cash equivalents, and term deposits totaling $27.2m as of 21st December, and plans to focus on advancing the Kodiak field, which holds independently certified best estimate contingent recoverable resources of approximately 1.6bn barrels of oil and 6.6 Tcf of natural gas across its 258,000 acres.

Pantheon is also prioritising farm-outs to limit dilution and leverage existing infrastructure near its assets on Alaska's North Slope.

My View

Now we get to know the reasons why the shares have been drifting back of late, closing at 19p on Friday night.

There could be an opportunity this morning to gamble on some slashed priced stock - 10p-15p?