Broker continues to see substantial upside as Pantheon Resources kicks off fresh work at Kodiak

Core Viewpoint - Pantheon Resources PLC is initiating seismic reprocessing at its Kodiak discovery in Alaska, which is seen as a crucial step towards drilling an appraisal well that may enhance discussions for farm-out opportunities [1][2]. Group 1: Kodiak Discovery - Zeus Capital emphasizes that the reprocessing is taking place in the northwest section of Kodiak, specifically updip of the Theta West-1 discovery made in 2022, with plans for an appraisal well, Theta West-2, aimed at resource validation [2]. - The anticipated drilling of Theta West-2 is projected for the winter of 2026/27, which is expected to generate a series of news updates starting from the seismic work and continuing through the farm-out process [2]. - Kodiak is highlighted as Pantheon's primary asset, estimated to contain approximately 1.2 billion barrels of recoverable liquids, attracting interest from potential joint venture partners due to its size [3]. Group 2: Ahpun Project - In addition to Kodiak, Pantheon is progressing with the next steps at Ahpun following the Dubhe-1 well, with a flow testing program that was suspended in December 2025 [4]. - The company plans to conduct a pressure build-up test, which may involve shutting in the well until mid-2026, before resuming flow testing with an Electric Submersible Pump (ESP) to expedite well clean-up [4]. - Zeus Capital has maintained its forecasts and valuation for Pantheon, aligning the share value with a total risked Net Asset Value (NAV) of 49 pence [4].