Pantheon Resources PLC Announces Unaudited Interim Results

Rhea-AI Summary

Pantheon Resources (OTCQX:PTHRF) reported unaudited interim results for the six months ended 31 December 2025, repositioning Kodiak as its cornerstone asset and confirming movable hydrocarbons at Dubhe-1.

Key finance items: $9.0m after-tax loss, $24.5m cash at 31 Dec 2025, $46.25m equity raised in the Period and $10m raised post-Period. Company is pursuing farm-in partners and has strengthened board and management.

Positive

• Equity raised of $46.25m during the Period
• Post-Period capital injection of $10m to support appraisal
• Principal repayment of $9.8m Heights convertible bonds
• Dubhe-1 tested and confirmed presence of movable hydrocarbons

Negative

• After-tax loss widened to $9.0m from $6.9m in prior period
• Cash reduced to $15.1m by 27 March 2026 from $24.5m at 31 Dec 2025
• G&A expenses increased to $5.9m from $4.6m

Result of AGM

LONDON, UK / ACCESS Newswire / March 31, 2026 / Pantheon Resources plc (AIM:PANR)(OTCQX:PTHRF) ("Pantheon" or "the Company"), the oil and gas company with a 100% working interest in the Kodiak and Ahpun projects on Alaska's North Slope, announces its unaudited interim results for the six months ended 31 December 2025 (the "Period"), together with operational highlights for the Period and post-Period, and results from the Company's AGM held on 12 March 2026.

Operational and Corporate Highlights

• Repositioning of Company strategy, recognising Kodiak as the cornerstone of the portfolio and the key driver of shareholder value

• Actively pursuing farm-in opportunities with good early progress on partnering discussions, with multiple major energy companies actively evaluating the assets in the data room

• Commissioned re-processing of 3D seismic data on the updip northwest section of Kodiak

• Continued progress on development planning for both Kodiak and Ahpun projects

• Dubhe-1 drilled and tested, confirming the presence of movable hydrocarbons, prior to being shut-in for pressure build-up and other analysis, and re-start of testing pending the outcome of partnering discussions

• Strengthened management team with key executive appointments

• Restructuring of Board of Directors - Appointment of Michael Spencer as Non-Executive Chairman and Marty Rutherford and David Wilkins as Independent Non-Executive Directors, bringing decades of corporate, Alaskan regulatory and Alaskan operational experience, following the retirement of previous Board members

• Initiated a comprehensive cost reduction programme, including streamlining the organisation, suspending US listing activities and reviewing all contracts to minimise expenditure while maintaining the asset base

Financial Highlights

• After tax loss for the period of $9 million (2024: $6.9 million loss)

• Cash on hand on 31 December 2025: $24.5 million (2024: $17.3 million) and cash on hand on 27 March 2026: $15.1 million

• General and Administrative (G&A) expenses of $5.9 million (2024: $4.6 million)

• Fully repaid the principal outstanding on the Heights convertible bonds of $9.8 million during the Period

• Redeemed $6.5 million of SHK convertible bonds during the Period, reducing principal outstanding from $35 million to $28.5 million

• Raised $46.25 million in equity during the Period, to support execution of the Dubhe-1 work programme and to meet ongoing corporate and administrative requirements

• Post-Period, raised $10 million of new capital to support near-term appraisal activities across the Kodiak and Ahpun projects and for general working capital

Outlook

• Near-term focus on securing one or more strategic partners to help unlock the value of the resource base

Result of AGM

The Company advises that at its AGM held on 12 March 2026, all resolutions put to shareholders were duly passed. The Board has noted however, that whilst resolution 9 was passed as a special resolution, the votes cast against it were greater than 20% of total votes cast. The Board engages with shareholders on an ongoing basis and is reflecting carefully upon the feedback received. The Board will continue to actively engage with shareholders during the coming year.

Max Easley, CEO of Pantheon Resources, commented:

"The period was marked by three developments: the repositioning of Pantheon around Kodiak as the priority asset; drilling of the Dubhe-1 well; and continued engagement with potential farm-in parties. Dubhe-1 confirmed hydrocarbons and added to our understanding of the asset, but further work will be needed before we can assess its representative production potential.

"Interest in Alaska is at its strongest level in recent years and we believe our portfolio is well positioned to benefit in a development scenario, given our 1.6 Billion barrels of certified 2C recoverable resource located in close proximity to pipeline and transportation infrastructure. We have strengthened the Board and management team, and our priority now is to convert technical progress into commercial results that rebuild market confidence in what we believe to be high quality assets.

"As we told shareholders at our Annual General Meeting earlier this month, our absolute focus at Pantheon in 2026 is to conserve our financial resources and identify the ideal financial partner who can help us unlock the value of our exciting acreage. With that in mind, I am encouraged by the level of interest shown in our data room and I look forward to holding constructive discussions with potential partners in due course."

-ENDS-

Further information:

Pantheon Resources plc
Max Easley, Chief Executive Officer Justin Hondris, SVP, Investor Relations	contact@pantheonresources.com
Canaccord Genuity Limited (Nominated Adviser, andJoint Broker)
Henry Fitzgerald-O'Connor Charlie Hammond	+44 20 7523 8000
Oak Securities (Joint Broker)	+44 20 3973 3678
Jerry Keen
BlytheRay (Corporate Communications)	+44 20 7138 3204
Tim Blythe Matthew Bowld
MZ Group (USA Investor Relations Contact) Lucas Zimmerman Ian Scargill	+1 949 259 4987

About Pantheon Resources

Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing its 100% owned Ahpun and Kodiak fields located on State of Alaska land on the North Slope, onshore USA. Independently certified best estimate contingent recoverable resources attributable to these projects currently total c. 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas. The Company owns 100% working interest in c. 259,000 acres.

Pantheon's stated objective is to demonstrate sustainable market recognition of a value of approximately $5 per barrel of recoverable resources. This is based on bringing the Ahpun field to FID and first production into the TAPS main oil line (ANS crude). The Gas Sales Precedent Agreement signed with AGDC provides the potential for Pantheon's natural gas to be produced into the proposed 807mile pipeline from the North Slope to Southcentral Alaska during 2029. The Company intends to apply cashflows from Ahpun to support the FID for the Kodiak field.

A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment.

The Company's project portfolio has been endorsed by world renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl of ANS crude and 5,396 bcf of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources of 79 mmbbl of ANS crude and 424 bcf natural gas.

For more information visit www.pantheonresources.com.

Please refer to the attached PDF document to view the full announcement.

http://www.rns-pdf.londonstockexchange.com/rns/7224Y_1-2026-3-30.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Pantheon Resources PLC

View the original press release on ACCESS Newswire

FAQ

What did Pantheon Resources (PTHRF) report for cash on hand as of 31 December 2025?

Pantheon reported $24.5 million cash on hand as of 31 December 2025. According to the company, cash then fell to $15.1 million by 27 March 2026 after funding appraisal and corporate needs.

How much equity did Pantheon Resources (PTHRF) raise during the six months to 31 December 2025?

Pantheon raised $46.25 million in equity during the Period to fund Dubhe-1 and corporate needs. According to the company, an additional $10 million was raised post-Period for near-term appraisal activity.

What was the financial result for Pantheon Resources (PTHRF) for the period ending 31 December 2025?

Pantheon reported an after-tax loss of $9.0 million for the six months ended 31 December 2025. According to the company, this compares to a $6.9 million loss in the prior comparable period.

What operational progress did Pantheon Resources (PTHRF) report on Kodiak and Dubhe-1 in March 2026?

Pantheon confirmed movable hydrocarbons at Dubhe-1 and progressed development planning for Kodiak and Ahpun. According to the company, reprocessed 3D seismic and farm-in discussions are ongoing to advance development.

What capital-structure changes did Pantheon Resources (PTHRF) complete during the Period?

Pantheon fully repaid $9.8m of Heights convertible bonds and redeemed $6.5m of SHK convertible bonds. According to the company, SHK principal outstanding fell from $35m to $28.5m.

What is Pantheon Resources' (PTHRF) near-term priority following the interim results in March 2026?

The near-term priority is to secure strategic partner(s) to unlock the resource value and support development. According to the company, active farm-in discussions and a data room review are underway.