Pantheon Resources PLC Announces Placing to Raise $10 Million

Core Viewpoint - Pantheon Resources plc has successfully raised $10 million through a conditional placing of new Ordinary Shares to support appraisal activities for its Kodiak and Ahpun projects, including flow testing at Dubhe-1 and seismic reprocessing [2][3]. Fundraising Details - The company raised $10 million by placing 106,209,678 new Ordinary Shares at a price of 7.0 pence per share [2][5]. - The funds will be used for near-term appraisal activities and general working capital [2][3]. Project Development - Proceeds will support the resumption of flow testing at Dubhe-1, which is crucial for the commercialization of an estimated 282 million barrels of liquid contingent resources in the Shelf Margin Deltaic reservoir [3]. - The overall resource in the Greater Ahpun Area is estimated to exceed 500 million barrels [3]. Seismic Data Reprocessing - Remaining funds will be allocated to reprocessing existing Kodiak seismic data to enhance reservoir imaging, potentially leading to drilling an appraisal well in the 2026/27 winter season [4]. - The Kodiak resource is currently assessed at 1.2 billion barrels of contingent recoverable liquids, with potential upside to 2.8 billion barrels [4]. Market Position and Future Plans - The reprocessed seismic data is expected to strengthen the company's position in ongoing farm-out discussions with several interested parties [4]. - The company anticipates that the fundraising, along with existing cash resources, will provide sufficient working capital until Q4 2026 [15].