REG - Pantheon Resources - Unaudited Interim Results
24/03/2025 07:15
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RNS Number : 8379B Pantheon Resources PLC 24 March 2025
24 March 2025
Pantheon Resources plc
Interim Results (unaudited) for the six months ended 31 December 2024
Pantheon Resources plc (AIM: PANR) ("Pantheon" or "the Company"), the oil and
gas company with a 100% working interest in the Kodiak and Ahpun projects,
collectively spanning 258,000 contiguous acres in close proximity to pipeline
and transportation infrastructure on Alaska's North Slope, announces its
interim results for the six months ended 31 December 2024 (the "Period"),
together with operational highlights for the half year and the period beyond.
Highlights
Operational and Corporate
· Appointed accomplished energy executive Max Easley as Chief Executive
Officer, succeeding Jay Cheatham
· Drilled the Megrez-1 test well as an appraisal of the Ahpun East
project area - Megrez-1 exceeded pre-drill expectations with total of 1,340 ft
of interpreted net pay. Flow testing of Upper Schrader Bluff Topset 1 will
begin this week
· Agreed a $35.0 million convertible bond issuance, led by Sun Hung Kai
& Co. Ltd., expected to close by the end of March 2025 leading to
sufficient liquidity to test six horizons in the Megrez-1 well and further
delineate the Ahpun East area during summer of 2025
· Continued progress on development planning to support the goal of
Ahpun FID towards the end of CY 2027
· Saw materially increasing support from federal and state governments
on Phase 1 of the Alaska LNG project (the gas pipeline component) that is
anticipated to be supplied under the terms of the Gas Sales Precedent
Agreement between the Company and pipeline proponents
· Continued preparations towards a U.S. listing aimed at leveraging the
results of the Megrez-1 well, to support the goal to maximise shareholder
value while minimising potential dilution
Financial
· After tax loss for the period $6.9 million vs six months ended Dec
31 2023 ("1H FY 2024") net loss $7.4 million
· G&A at $4.6 million (1H FY 2024: $4.0 million), reflecting the
growth in the organisation as it progresses towards Ahpun project FID
· Cash on hand 31 December 2024: $19.3 million (1H FY 2024: $0.2
million) and cash on hand on 24 March 2025: $9.1 million. Additional $35m
before costs expected to be received in the coming days upon closing of the
new convertible bond
· US GAAP accounts prepared in preparation for U.S Listing. Non-cash
prior period adjustment following review to reflect a technical accounting
correction associated with the original valuation of the noncash components of
the cost of acquisition of Great Bear companies in 2019. The carrying value of
these assets remains unchanged
David Hobbs, Executive Chairman of Pantheon Resources, commented:
"Pantheon has built upon the positive momentum during the six months to 31
December 2024 and so far this year on a number of levels. We anticipate the
results of the Megrez-1 well flow testing (beginning this week) will upgrade
our already substantial resource base and that continued progress on the
Alaska LNG Phase 1 project will expand our funding options as we move to
development of Ahpun and then Kodiak.
"We are delighted to welcome Max Easley as CEO. His experience from a
successful career at BP, Apache and PETRONAS make him the ideal candidate to
drive the transition from exploration and appraisal to development and
production. We are pleased that Jay has agreed to remain on the Board to
assist with the transition.
"We would like to thank our shareholders for their continuing support as we
prosecute our strategy - maintaining a disciplined approach, focused on what
moves us towards achieving Pantheon's strategic goal of delivering sustainable
market recognition of at least $5 per barrel of 1C/1P recoverable resources
while seeking to minimise dilution of shareholder value."
-ENDS-
Further information:
UK Corporate and Investor Relations Contact
Pantheon Resources plc
Justin Hondris
contact@pantheonresources.com (about%3Ablank)
Nominated Adviser and Broker
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor, James Asensio, Charlie Hammond
+44 20 7523 8000
Public Relations Contact
BlytheRay
Tim Blythe, Megan Ray, Matthew Bowld
+44 20 7138 3204
USA Investor Relations Contact
MZ Group
Lucas Zimmerman, Ian Scargill
+1 949 259 4987
PTHRF@mzgroup.us (about%3Ablank)
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 (trillion
cubic feet) 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 $5-$10/bbl of recoverable resources by end 2028. This is based
on bringing the Ahpun field forward to FID and producing into the TAPS main
oil line (ANS crude) by the end of 2028. The Gas Sales Precedent Agreement
signed with AGDC (Alaska Gasline Development Corporation) provides the
potential for Pantheon's natural gas to be produced into the proposed 807 mile
pipeline from the North Slope to Southcentral Alaska during 2029. Once the
Company achieves financial self-sufficiency, it will apply the resultant
cashflows to support the FID on the Kodiak field planned, subject to
regulatory approvals, targeted by the end of 2028 or early 2029.
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 (million
barrels) of ANS crude and 5,396 bcf (billion cubic feet) 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 totalling 79 mmbbl of ANS
crude and 424 bcf natural gas.
PANTHEON RESOURCES PLC
INTERIM REPORT (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
COMPANY STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
Company Statement
Pantheon's strategic goal remains to achieve sustainable market recognition of
$5 or more per barrel of proved resource by late calendar year ("CY") 2028.
The Company aims to achieve this by progressing its Ahpun and Kodiak
developments with the Final Investment Decision ("FID") for the Ahpun project
targeted to occur near the end of CY 2027 and first production beginning the
following year. Flow testing of the Megrez-1 well, taking place over the next
few months, will inform future development planning for the Ahpun area, and
may lead to further appraisal of the shallower, potentially higher quality
reservoir zones. The significant progress made during the first half of fiscal
year ("FY") 2025 has reinforced our confidence that these goals are
achievable, and we will endeavour to do so in the manner least dilutive to
shareholders.
Highlights
During the first six months of FY 2025 and the subsequent period to date,
Pantheon achieved the following goals:
· Appointed accomplished energy executive Max Easley as Chief Executive
Officer, succeeding Jay Cheatham
· Agreed a $35.0 million convertible bond issuance, led by Sun Hung Kai
& Co. Ltd., expected to close by the end of March 2025
· Drilled the Megrez-1 test well as an appraisal of the Ahpun East
project area - Megrez-1 exceeded pre-drill expectations with total of 1,340 ft
of interpreted net pay
· Continued progress on development planning to support the goal of
Ahpun FID towards the end of CY 2027
· Saw materially increasing support from federal and state governments
on Phase 1 of the Alaska LNG project (the gas pipeline component) that is
anticipated to be supplied under terms of the Gas Sales Precedent Agreement
between the Company and pipeline proponents
· Continued preparations towards a U.S. listing aimed at leveraging the
results of the Megrez-1 well, to support the goal to maximise shareholder
value while minimising potential dilution
Progress Overview in First Half FY 2025 and Subsequent Period
In February 2025, accomplished energy executive Max Easley succeeded Jay
Cheatham as Chief Executive Officer (CEO) and joined the board of the Company.
Max's 30 years in the oil and gas industry, including his extensive experience
on Alaska's North Slope and leadership experience with BP, Apache Corporation
and PETRONAS Canada, equips Pantheon with a highly experienced strategic and
operating capability as it shifts from exploration and appraisal to
development and production.
In August 2024, Pantheon raised $29 million in gross proceeds through an
equity issuance at 17 pence per ordinary share. In the past three quarters,
the Company issued equity to reduce the balance on the unsecured convertible
bonds issued in December 2021 and amortising through to June 2026 ("Existing
Convertible Bonds"); at the time of publication of this report, the balance
owed had been reduced to $12.25 million. In February 2025, Pantheon entered
into binding agreements with Hong Kong group Sun Hung Kai & Co. Limited
for a gross total of $35 million in senior convertible bonds due March 2028
("New Convertible Bonds"). Per the terms of the agreement, the funding will
close by the end of March 2025. The New Convertible Bonds provide an investor
conversion price of $0.8675 and an issuer conversion right after 12 months if
the Company's share price exceeds $1.119. Coupled with cash on hand, this
capital will allow Pantheon the flexibility to execute upon its planned
operational goals for at least the next 12 months.
In November 2024, Pantheon spudded the Megrez-1 well, using the Nabors 105AC
rig located on a gravel well pad adjacent to the Dalton Highway. The initial
targets were three separate zones estimated by Management to contain an
aggregate 2U Prospective Resource of 609 million barrels of ANS Crude (oil,
condensate & NGLs) and 3.3 trillion cubic feet ("Tcf") of natural gas. In
the Company's news release dated 22 January 2025, Pantheon confirmed that it
had encountered seven horizons together comprising a column of 1,340 vertical
feet of net oil pay, exceeding pre-drill estimates; the deepest of these
horizons begin at Topset 3 in the Upper Schrader Bluff and continues up to the
shallowest in the Lower Sagavanirktok 3.
Following extensive analysis of information gathered during drilling of the
well, Pantheon estimates a potential 15% - 50% increase in resource estimates
vs. the pre-drill estimate of 609 million barrels across the deepest horizons.
Estimates of recoverable resources in the Lower Sagavanirktok horizons would
be subject to information gathered during flow testing, if successful. Having
cut whole core across the deepest topset (the Upper Schrader Bluff TS 3), the
added value of testing this zone was considered low and so completion and flow
test activities in the six shallowest zones are commencing. Successful flow
tests will reinforce the case for early development of Ahpun to achieve
financial self-sufficiency but may also support a truly conventional
development in the shallowest horizons, analogous to the Pikka and Willow
fields already under development on the North Slope of Alaska. Pantheon's
advantaged location, adjacent to the Trans-Alaska Pipeline System (TAPS) and
bordering the Dalton Highway and the proposed route of the Alaska LNG gas
pipeline, gives the Company a material advantage over the more remote
locations of the aforementioned fields, with shorter timelines to first
production and up-front capital expenditure requirements being much lower than
that of other fields.
The Company has progressed facilities design and regulatory approvals
activities towards allowing development of the Ahpun and Kodiak fields. As a
result of this work, the FID on the Ahpun project is expected towards the end
of CY 2027, with the FID on the Kodiak project forecasted by CY 2029.
Consistent with these targeted dates, the first Ahpun production is planned
during CY 2028.
Financing Overview and Uplisting to a Senior U.S. Exchange
A U.S. senior exchange listing remains a top management priority, with
Pantheon making continued progress towards a Q4 CY 2025 or Q1 CY 2026
completion. The progress includes translating prior period IFRS financial
statements into U.S. GAAP and the subsequent auditing thereof, and the
implementation of more robust internal controls and systems to comply with the
U.S. Sarbanes-Oxley Act. In addition, the Company has continued to
consolidate its management team at the Company's U.S. offices in Houston,
Texas.
The New Convertible Bonds satisfy the goal of sourcing funds during the first
quarter of CY 2025 meaning that the Company will be fully funded for its
committed activities during the next 12 month period. Owning a 100% working
interest in all its leases provides flexibility for potential future funding
through asset level transactions, and the Company is working with its U.S.
investment banking advisors to explore these opportunities alongside other
potential alternatives.
Pantheon fully recognises that securing the financing necessary to develop a
globally significant resource base is seen as a key hurdle, and the Company is
working diligently to demonstrate the least dilutive path possible to
financial self-sufficiency. Pantheon further recognises that success will
cause the prospect of commercial development to become more apparent to the
capital markets community. Ultimately, this strategy has the potential to
drive sustainable long-term value creation for our shareholders - the
overarching goal of the Pantheon Board of Directors and Management.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
Notes 6 months ended 31 December 2024 (unaudited) 6 months ended 31 December 2023 Year ended 30 June 2024
(restated) (audited and restated)
3
$ $ $
Continuing operations
Revenue - 13,393 13,393
Cost of sales - (7,152) (7,153)
Gross profit - 6,241 6,240
Administration expenses (4,586,628) (4,035,323) (8,773,748)
Share Based payment expense (25,935) - -
Operating loss (4,612,563) (4,029,082) (8,767,508)
Interest expense - Convertible Bond and ROU 6 (1,635,221) (2,589,141) (4,893,640)
Convertible Bond - Impact of partial early repayment 6 (1,392,606) - -
Convertible Bond - Revaluation of derivative liability 6 162,837 (1,206,610) (337,055)
Interest income 581,344 414,446 630,371
Loss before taxation (6,896,209) (7,410,387) (13,367,832)
Taxation - - -
Loss for the period (6,896,209) (7,410,387) (13,367,832)
Other comprehensive income for the period
Exchange differences from translating foreign operations (370,617) (219,659) (52,924)
Total comprehensive loss for the period (7,266,826) (7,630,046) (13,420,756)
Loss per share from continuing operations:
Basic and diluted Loss per share 2 (0.62)¢ (0.86)¢ (1.44)¢
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
Share Share Retained Currency Share Total
capital premium losses reserve based payment reserve equity
$ $ $ $ $ $
Group
At 1 July 2024 13,139,392 334,499,828 (82,758,128) (2,745,784) 14,767,916 276,903,224
Loss for the period - - (6,896,209) - - (6,896,209)
Other comprehensive loss: - - - (370,617) - (370,617)
Foreign currency translation
Total comprehensive loss for the period - - (6,896,209) (370,617) - (7,266,826)
Transactions with owners
Capital Raising
Issue of shares 1,824,928 29,867,732 - - - 31,692,660
Cost of share issue - (1,542,816) - - - (1,542,816)
Convertible Bond
Issue of shares - Amortisation 184,777 2,461,223 - - - 2,646,000
Issue of shares - Partial repayment 288,235 4,611,765 - - - 4,900,000
Total transactions with owners 2,297,940 35,397,904 - - - 37,695,844
Options and Warrants
Expired Options and Warrants - - 873,603 - (873,603) -
Options Issued - - - - 25,175 25,175
Total Options and Warrants - - 873,603 - (848,428) 25,175
Balance at 31 December 2024 15,437,332 369,897,732 (88,780,734) (3,116,401) 13,919,488 307,357,417
Share Share Retained Currency Share Total
Capital premium losses reserve based payment reserve equity
$ $ $ $ $ $
Group
12,464,677 297,830,078 (49,444,331) (2,692,860) 14,271,042 272,428,606
Balance at 1 July 2023
Prior period adjustment (net of tax) * - 21,271,338 (19,945,965) - 496,874 1,822,247
Restated total equity at the beginning of the financial year 12,464,677 319,101,416 (69,390,296) (2,692,860) 14,767,916 274,250,853
- - (7,410,387) - - (7,410,387)
Loss for the period *
Total comprehensive loss for the period * - - (7,410,387) - - (7,410,387)
Other comprehensive income: Foreign currency translation - - - (219,659) - (219,659)
Total comprehensive income for the year - - (7,410,387) (219,659) - (7,630,046)
Transactions with owners
Capital raising
Issue of shares 148,722 2,644,275 - - - 2,792,997
Total transactions with owners 148,722 2,644,275 - - - 2,792,997
Balance at 31 December 2023 * 12,613,399 321,745,691 (76,800,682) (2,912,519) 14,767,916 269,413,805
*See note 3 for details
Share Share Retained Currency Share Total
Capital premium losses reserve based payment reserve equity
$ $ $ $ $ $
Group
12,464,677 297,830,078 (49,444,331) (2,692,860) 14,271,042 272,428,606
Balance at 1 July 2023
Prior period adjustment (net of tax) * - 21,271,338 (19,945,965) - 496,874 1,822,247
Restated total equity at the beginning of the financial year 12,464,677 319,101,416 (69,390,296) (2,692,860) 14,767,916 274,250,853
- - (13,367,832) - - (13,367,832)
Loss for the period *
Total comprehensive loss for the period * - - (13,367,832) - - (13,367,832)
Other comprehensive income: Foreign currency translation - - - (52,924) - (52,924)
Total comprehensive income for the year - - (13,367,832) (52,924) - (13,420,756)
Transactions with owners
Capital raising
Issue of shares 466,487 9,837,080 - - - 10,303,567
Convertible Bond - amortisation
Issue of shares 208,228 5,561,332 - - - 5,769,560
Total transactions with owners 674,715 15,398,412 - - - 16,073,127
Balance at 30 June 2024 * 13,139,392 334,499,828 (82,758,128) (2,745,784) 14,767,916 276,903,224
*See note 3 for details
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Notes 31 December 31 December 30 June
2024 2023 2024
(unaudited) (restated) (audited and restated)
3
ASSETS $ $ $
Non-Current Assets
Exploration and evaluation assets 4 312,671,263 292,192,198 293,635,128
Property, plant & equipment 87,104 8,219 129,200
312,758,367 292,200,417 293,764,328
Current Assets
Trade and other receivables & deposits 3,005,769 2,802,902 2,944,543
Cash and cash equivalents 19,317,942 207,124 7,913,862
Fixed term cash deposit - 7,000,000 -
22,323,711 10,010,026 10,858,405
335,082,078 302,210,443
Total assets 304,622,733
LIABILITIES
Current liabilities
Convertible Bond - Debt 6 9,153,776 9,582,349 7,090,177
Trade and other payables 6,881,951 1,757,257 703,496
Provisions 7,191,400 6,018,291 5,921,030
Lease Liabilities 43,317 5,341 63,395
23,270,444 17,363,238 13,778,098
Non-current liabilities
Lease Liabilities 48,790 - 69,028
Trade and other payables 13
Convertible Bond - Debt 6 3,823,413 13,819,208 13,127,532
Convertible Bond - Derivative 6 582,014 1,614,192 744,851
4,454,217 15,433,400 13,941,411
27,724,661 32,796,638 27,719,509
Total liabilities
307,357,417 269,413,805 276,903,224
Net assets
EQUITY
Capital and reserves
Share capital 15,437,332 12,613,399 13,139,392
Share premium 369,897,732 321,745,691 334,499,828
Retained losses (88,780,734) (76,800,682) (82,758,128)
Currency reserve (3,116,401) (2,912,519) (2,745,784)
Share based payment reserve 13,919,488 14,767,916 14,767,916
Shareholders' equity 307,357,417 269,413,805 276,903,224
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
6 months ended 6 months ended
31 December 31 December Year ended
2024 2023 30 June
(unaudited) (unaudited) 2024
(audited)
$ $ $
Net inflow (outflow) from operating activities 634,799 (3,534,998) (11,365,415)
Cash flows from investing activities
Interest received 581,344 414,446 630,371
Interest paid - - (757)
Financial Investments - Fixed term cash deposit & Certificate of - (9,008,937) -
deposit(s)
Funds used for drilling, exploration and leases (17,295,135) (5,523,850) (6,966,779)
Net cash outflow from investing activities (16,713,791) (14,118,341) (6,337,165)
Cash flows from financing activities
Proceeds from share issues 7 30,569,674 2,792,997 10,303,566
Issue costs paid in cash 7 (419,830) - -
Repayment of borrowing - unsecured convertible bond 7 (2,621,500) (5,561,500) (5,273,798)
Repayment of borrowing - leasing liabilities (45,272) (32,046) (74,338)
Net cash inflow (outflow) from financing activities 27,483,072 (2,800,549) 4,955,430
Increase/(Decrease) in cash & cash equivalents 11,404,080 (20,453,888) (12,747,150)
Cash and cash equivalents at the beginning of the period 7,913,862 20,661,012 20,661,012
Cash and cash equivalents at the end of the period ((1)) 19,317,942 207,124((1)) 7,913,862
(1) Prior Period Closing cash balance (31 December 2023) excludes
$7,000,000 fixed term deposit (included above in Financial Investments - Fixed
Term cash deposit and Certificate of deposit) which matured 8(th) January
2024.
RECONCILIATION OF LOSS FOR THE PERIOD TO NET CASH INFLOW (OUTFLOW) FROM
OPERATING ACTIVITIES
FOR THE PERIOD ENDED 31 DECEMBER 2024
Notes 6 months ended 6 months ended Year ended
31 December 31 December 30 June
2024 2023 2024
(unaudited) (restated) (restated)
3
$ $ $
Loss for the period (6,896,209) (7,410,387) (13,367,832)
Net interest received (581,344) (414,446) (629,614)
Share based compensation expense 25,935 - -
Depreciation of office equipment - 1,100 4,399
Depreciation of right of use assets 42,500 28,802 68,704
Interest expense - Convertible Bond and ROU 1,635,221 2,589,141 4,892,883
Convertible Bond - Revaluation of derivative liability (162,837) 1,206,610 337,055
Convertible Bond - impact of partial early repayment 1,392,606 - -
Other provisions - irrecoverable VAT (470,629) - (96,209)
(Increase)/Decrease in trade and other receivables (61,225) 1,765,558 (385,020)
Increase/(Decrease) in trade and other payables 6,178,455 (1,083,353) (2,137,115)
Effect of translation differences (467,674) (218,023) (52,666)
Net cash inflow (outflow) from operating activities 634,799 (3,534,998) (11,365,415)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Accounting policies
A summary of the principal accounting policies, all of which have been applied
consistently throughout the period, is set out below.
1.1. Basis of preparation
The financial statements have been prepared on a going concern basis using the
historical cost convention and in accordance with the UK Adopted International
Accounting Standards ("IAS's") and in accordance with the provisions of the
Companies Act 2006.
This interim report has been prepared on a basis consistent with the Group's
expected accounting policies for the year ending 30 June 2025. These
accounting policies are the same as those set out in the Group's Annual Report
and Financial Statements for the year ended 30 June 2024, which are available
from the registered office or the company's website
(www.pantheonresources.com).
The Group financial information is presented in US Dollars and is unaudited.
The interim financial information does not constitute statutory accounts
within the meaning of section 434 of the Companies Act 2006.
1.2. Basis of consolidation
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are de-consolidated from the date that control
ceases. The purchase method of accounting is used to account for the
acquisition of subsidiaries by the Group. The cost of an acquisition is
measured as the fair value of the assets given, equity instruments issued, and
liabilities incurred or assumed at the date of exchange. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the acquisition
date, irrespective of the extent of any minority interest. The excess of the
cost of acquisition over the fair value of the Group's share of the
identifiable net assets acquired is recorded as goodwill. Goodwill arising on
acquisitions is capitalised and subject to impairment review, both annually
and when there are indications that the carrying value may not be recoverable.
Inter-company transactions, balances and unrealised gains on transactions
between group companies are eliminated. All the companies over which the
Company has control apply, where appropriate, the same accounting policies as
the Company.
1.3. Foreign currency translation
(i) Functional and presentational currency
The financial statements for the Group and the Company are presented in US
Dollars ("$") and this is the Group's Presentation currency. The Functional
currency of all entities within the Group, excluding the Parent Company, is
$USD. The Functional currency of the Parent Company is £GBP.
(ii) Transactions and balances
Transactions in foreign currencies are translated into US dollars at the spot
rate. Monetary assets and liabilities denominated in foreign currencies are
translated at the rate of exchange ruling at the balance sheet date. The
resulting exchange gain or loss is dealt with in the income statement.
The assets, liabilities of the Parent Company are translated into US dollars
at the rates of exchange ruling at the year end. The results of the Parent
Company are translated into US dollars at the average rates of exchange during
the year. Exchange differences resulting from the retranslation of currencies
are treated as movements on reserves.
1.4. Cash and cash equivalents
The company considers all highly liquid investments, with a maturity of 90
days or less to be cash equivalents, carried at the lower of cost or market
value.
1.5. Going concern
This interim period financial report has been prepared on a going concern
basis, which contemplates the continuity of normal business activities and the
realisation of assets and the settlement of liabilities in the ordinary course
of business. The Directors and Management have evaluated cash flow forecasts
for the next 12 months following the filing of these financial statements.
As of March 21, 2025, the Group had cash of $9.1m and anticipated gross
proceeds of a further $35.0m from the New Convertible Bonds. As a result,
the Group expects to have access to sufficient capital required to fund its
committed activities for the next 12 months following the filing of these
financial statements.
1.6. Revenue
There was no revenue during the period. In 2023 oil sales resulted from sales
of oil produced during the long-term production testing of the Alkaid-2 well.
These sales were considered to be non-recurring because production only
occurred during the testing phase and terminated following the conclusion of
testing operations. During the prior periods of the year ending 30 June 2024
and the six months ending 31 December 2023, a small amount of revenue was
recorded during the short testing period for the short flow test of the
shallower SMD horizon in the Alkaid-2 well. Once in production, revenue from
contracts with customers will be recognised in accordance with IFRS15 Revenue
from Contacts with Customers, at an amount that reflects the consideration to
which the Group expects to be entitled in exchange for those goods.
Contract balances
A contract asset is the right to consideration in exchange for goods
transferred to the customer. If the Group performs by transferring goods to a
customer before the customer pays consideration or before payment is due, a
contract asset is recognised for the earned consideration that is conditional.
The Group does not have any contract assets as performance and a right to
consideration occurs within a short period of time and all rights to
consideration are unconditional.
Interest revenue is recognised on a proportional basis taking into account the
interest rates applicable to the financial assets.
1.7. Deferred taxation
Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. Deferred tax is determined using
tax rates (and laws) that have been enacted or substantially enacted by the
balance sheet date and expected to apply when the related deferred tax is
realised, or the deferred liability is settled.
Deferred tax assets are recognised to the extent that it is probable that the
future taxable profit will be available against which the temporary
differences can be utilized.
1.8. Exploration and evaluation costs and developed oil and gas properties
The Group follows the 'successful efforts' method of accounting for
exploration and evaluation costs. At the point of production, all costs
associated with oil, gas and mineral exploration and investments are
classified into and capitalised on a 'cash generating unit' ("CGU") basis, in
accordance with IAS 36. Costs incurred include appropriate operational,
technical and administrative expenses but not general corporate overheads. If
an exploration project is successful, the related expenditures will be
transferred to Developed Oil and Gas Properties and amortised over the
estimated life of the commercial reserves on a 'unit of production' basis.
The recoverability of all exploration and evaluation costs is dependent upon
the discovery of economically recoverable reserves, the ability of the Group
to obtain necessary financing to complete the development of the reserves, and
future profitable production or proceeds from the disposition thereof. All
balance sheet carrying values are reviewed for indicators of impairment at
least twice yearly. The project acreage is classified into discrete "projects"
or CGU's. When production commences the accumulated costs for the specific CGU
is transferred from intangible fixed assets to tangible fixed assets i.e.,
'Developed Oil & Gas Properties' or 'Production Facilities and Equipment',
as appropriate. Amounts recorded for these assets represent historical costs
and are not intended to reflect present or future values.
1.9 Impairment of exploration costs and developed oil and gas properties,
depreciation of assets, plug & abandonment
In accordance with IFRS 6 'Exploration for and Evaluation of Mineral
Resources' (IFRS 6), exploration and evaluation assets are reviewed for
indicators of impairment. Should indicators of impairment be identified an
impairment test is performed.
In accordance with IAS 36, the Group is required to perform an "impairment
test" on assets when an assessment of specific facts and circumstances
indicate there may be an indication of impairment, specifically to ensure that
the assets are carried at no more than their recoverable amount. Where an
impairment test is required, any impairment loss is measured, presented and
disclosed in accordance with IAS 36.
Exploration and evaluation costs
All exploration and evaluation assets relate to the Group's Alaskan
operations. The Alaskan leasehold assets were fair valued as at the date of
acquisition and the carrying value at period-end represents the cost of
acquisition (plus the fair value adjustment(s), in accordance with IFRS) and
any capitalised costs incurred subsequent to the acquisition. See note 3 for
additional information regarding the prior period adjustment associated with
the original valuation of the noncash components of the cost of acquisition.
While there has been a change in acquisition cost, carrying value remains
unchanged.
Decommissioning Charges
Decommissioning costs will be incurred by the Group at the end of the
operating life of some of the Group's facilities and properties. The Group
assesses its decommissioning provision at each reporting date. The ultimate
decommissioning costs are uncertain and cost estimates can vary in response to
many factors, including changes to relevant legal requirements, the emergence
of new restoration techniques or experience at other production sites. The
expected timing, extent and amount of expenditure may also change - for
example, in response to changes in reserves or changes in laws and regulations
or their interpretation. Therefore, significant estimates and assumptions are
made in determining the provision for decommissioning. As a result, there
could be significant adjustments to the provisions established which would
affect future financial results. The provision at reporting date represents
management's best estimate of the present value of the future decommissioning
costs required.
For all wells the Group has adopted a Decommissioning Policy in which all
decommissioning costs are recognise immediately when a well is either
completed, abandoned, suspended or a decision taken that the well will likely
be plugged and abandoned in due course. For completed or suspended wells, the
decommissioning charge is recorded against the capitalised amount and
subsequently depleted over the useful life of well using unit of production
method.
1.10 Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the financial instrument.
Financial assets, if/where applicable, are derecognised when the contractual
rights to the cash flows from the financial asset expire, or when the
financial asset and substantially all the risks and rewards are transferred.
A financial liability is derecognised when it is extinguished, discharged,
cancelled or expires.
Classification and measurement of financial liabilities
The Group's financial liabilities include borrowings (convertible bond debt),
trade and other payables and embedded derivative financial instruments.
Financial liabilities are initially measured at fair value, and, where
applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the
effective interest method except for derivatives and financial liabilities
which are carried subsequently at fair value with gains or losses recognised
in profit or loss.
All interest-related charges and, if applicable, changes in an instrument's
fair value that are reported in profit or loss are included within finance
costs or fair value gains/(losses) on derivative financial instruments.
Embedded derivative financial instruments
A borrowing arrangement structured as a convertible bond repayable in cash or
stock over 20 quarterly instalments (as previously defined, the "Existing
Convertible Bonds"), in addition to the right of the lender to voluntarily
convert part or all of the outstanding principal prior to the maturity date of
the bond, has embedded in it a derivative. This is considered to be a
separable embedded derivative of a loan instrument.
At the date of issue, the fair value of the embedded derivative is estimated
by considering the derivative as a series of individual components with
modelling of the fixed and floating legs to determine a repayment schedule and
derive a net present value for the forward contract embedded derivative.
This amount is recognised separately as a financial liability or financial
asset and measured at fair value through the income statement. The residual
amount of the loan is then recorded as a liability on an amortised cost basis
using the effective interest method until extinguished upon conversion or at
the instrument's maturity date.
IFRS 9 Expected Credit Loss Model
IFRS 9 requires that credit losses on financial assets are measured and
recognised using the "expected credit loss" (ECL) approach. Other than cash,
the only other financial assets held is $0.4m in drilling deposits lodged with
the state of Alaska. These drilling deposits are to cover future potential
obligations to the state of Alaska including expected costs to perform
plugging and abandonment activities at Alkaid #2. Funds held by the state of
Alaska are considered to have virtually no risk of credit loss.
2. Loss per share
6 months 6 months Year ended
ended 31 December ended 31 30 June
2024 December 2024
2023
(unaudited) (re-stated) (re-stated)
Loss per share from continuing operations:
Basic and diluted loss per share (0.62)¢ (0.86)¢ (1.44)¢
The calculation above for the loss per share has been calculated by dividing
the loss for the period by the weighted average number of ordinary shares in
issue of 1,119,930,477 (December 2023: 859,268,187; June 2024: 925,860,425).
As the Group recorded a loss for the period, the diluted loss per share has
been made to equal the basic loss per share.
3. Restatement of previously issued financial statements
Subsequent to the issuance of the Group and Company financial statements for
the year ended 30 June 2024, a prior period adjustment was identified in the
previous calculation of consideration paid on 17 January 2019 for the
acquisition of 100% of the share capital of Great Bear Petroleum Ventures I
LLC and Great Bear Petroleum Ventures II companies (together, "Great Bear" or
"the Great Bear companies"). A noncash adjustment was identified in the value
of the consideration of new fully paid ordinary shares, new fully paid
non-voting B-class shares and new warrants. Consideration for the Great Bear
companies, after correcting for the adjustment, totalled $69.5m as follows:
Cash consideration of US$6.1m, 103.3m new fully paid ordinary shares ($30.9m)
valued at 23.30 pence per share, 102.5m new full paid non-voting B-class
shares ($30.7m) valued at 23.30 pence per share (all now fully converted to
ordinary shares), and 9.6m new warrants ($1.8m) (all of which either now have
been exercised or expired).
The following tables summarize the impacts of the adjustment in the
consideration for the Great Bear companies for the Group:
Statement of financial position (extract) 30 June 2024 Increase / (Decrease) 30 June 2024 (Restated) 31 December 2023 Increase / (Decrease) 31 December 2023 (Restated)
$ $ $ $ $ $
Deferred tax liability - - - 95,980 (95,980) -
Share capital 13,139,392 - 13,139,392 12,613,399 - 12,613,399
Share premium 313,228,490 21,271,338 334,499,828 300,474,353 21,271,338 321,745,691
Retained losses (60,989,916) (21,768,212) (82,758,128) (55,128,450) (21,672,232) (76,800,682)
Currency reserve (2,745,784) - (2,745,784) (2,912,519) - (2,912,519)
Share based payment reserve 14,271,042 496,874 14,767,916 14,271,042 496,874 14,767,916
Total equity 276,903,224 - 276,903,224 269,317,825 95,980 269,413,805
Statement of comprehensive income (extract) Year ended 30 June 2024 Profit Increase / (Decrease) Year ended 30 June 2024 (Restated) 6 months ended Profit Increase / (Decrease) 6 months ended
31 December 2023 31 December 2023
$ $ $ $ $ $
Loss for the period (before taxation) (13,367,832) - (13,367,832) (7,410,387) - (7,410,387)
Taxation 1,822,247 (1,822,247) - 1,726,267 (1,726,267) -
Loss for the period (after taxation) (11,545,585) (1,822,247) (13,367,832) (5,684,120) (1,726,267) (7,410,387)
Other comprehensive loss for the period (52,924) - (52,924) (219,659) - (219,659)
Total comprehensive loss for the period (11,598,509) (1,822,247) (13,420,756) (5,903,779) (1,726,267) (7,630,046)
Basic and diluted loss per share (1.25)¢ (0.19)¢ (1.44)¢ (0.66)¢ (0.20)¢ (0.86)¢
The prior period adjustment in the consideration for the Great Bear companies
had no net impact on the Statement of Cash Flows for any period.
4. Non-current assets
Exploration and evaluation assets Exploration & evaluation
Group assets
At 30 June 2023 286,798,461
Additions 5,523,849
At 31 December 2023 292,322,310
Additions 1,442,930
At 30 June 2024 293,765,240
Additions 19,036,135
At 31 December 2024 312,801,375
Impairment:
At 30 June 2023 130,112
At 31 December 2023 130,112
At 30 June 2024 130,112
At 31 December 2024 130,112
Net book value:
At 31 December 2024 312,671,263
At 30 June 2024 293,635,128
In January 2019, the Group acquired 100% of the share capital of Great Bear
Petroleum Ventures I LLC and Great Bear Petroleum Ventures II LLC companies
(collectively, "Great Bear"). The principal assets of the Group are leases,
approximately 258,000 acres with the rights to explore for hydrocarbons in the
State of Alaska. At the period end the exploration and evaluation assets all
relate to the Alaskan operation, specifically Alaskan assets of $312.7m
(December 2023: $292.3m).
Exploration and evaluation assets are regularly reviewed for indicators of
impairment. If an indicator of impairment is found an impairment test is
required, where the carrying value of the asset is compared with its
recoverable amount. The recoverable amount is the higher of the asset's fair
value less costs to sell and value in use. The Directors are satisfied that no
impairments are required for the current period end.
5. Share Capital
During the period ending 31 December 2024, the Company issued 178,449,731 new
ordinary shares.
As at 31 December, 2024 the company had on issue 1,139,369,391 shares.
As at 31 December, 2024 the Company also has the following options, warrants
and restricted stock units ("RSUs"):
· 7,000,000 share options with an exercise price of £0.27, expiring
July 2030
· 12,430,000 share options with an exercise price of £0.33, expiring
January 2031
· 21,380,000 share options wih an exercise price of £0.67, expiring
January 2027
· 9,500,000 share options for the long-term incentive programme
("LTIP") expiring Oct 2034
· 9,087,584 RSUs vesting equally over 3 years with the first vesting to
occur in April 2025
6. Unsecured Convertible Bond
In December 2021, the Company issued $55m worth of senior unsecured
convertible bonds to a fund advised by Heights Capital Ireland LLC, a global
equity and equity-linked focused investor. These Existing Convertible Bonds
have a maturity of 5 years, a coupon of 4.0% per annum and are repayable in 20
quarterly repayments ("amortisations") of principal and interest over the 5
year term of the convertible bond, with the last repayment originally due in
December 2026. Concurrent with the equity fundraising completed in August
2024 and described more fully in note 7, the Company made an early repayment
of $4.9m against the Existing Convertible Bonds through the issuance of
22,380,254 shares at a price of $0.2206 (£0.17) per share. This early
repayment shortened the maturity date from the original December 2026 to the
now-current June 2026. After settlement of the 13(th) December 2024
convertible bond repayment, the remaining notional principal outstanding was
$14.7m, which was further reduced to $12.25m on 20 March
2025.
The quarterly amortisations under the Existing Convertible Bonds are repayable
at the Company's option, in either cash at face value, or in ordinary shares
("stock") at the lower of the conversion price (presently USD$0.834 per share)
or a 10% discount to the arithmetic average of the daily volume weighted
average prices ("VWAP") in the 10 day or 3 day trading period prior to pricing
date. Additionally, the bondholder has the option to partially convert the
Existing Convertible Bonds at its discretion. A full summary of the terms of
Existing Convertible Bonds is detailed in the Company's RNS dated 7 December,
2021.
The bond agreement contains embedded derivatives in conjunction with an
ordinary bond. As a result, and in accordance with the accounting standards,
the Existing Convertible Bonds are shown in the Consolidated Statement of
Financial Position, in two separate components, namely Convertible Bond - Debt
and Convertible Bond - Derivative. At the time of recognition (Dec 2021) the
$55m bonds were split, $39,175,363 for the Debt Component and $15,824,637 for
the Derivative Component.
In order to value the derivative component, Pantheon engaged a third party
expert valuation specialist group to perform the valuations, who determined
that the valuation of the instrument required a Monte-Carlo simulation of
share price outcomes over the 5 year life to determine the ultimate value of
the conversion option. This produced a calculated Effective Interest Rate
("EIR") of 20.41%. These amounts will be revalued every balance date with the
differences being accounted for in the consolidated statement of comprehensive
income. For the period end date of 31 December 2024, the third party expert
valuation group performed its Monte-Carlo simulation and valuation
calculations to determine the new value for the derivative liability to be
$582,014. The resulting movement of was posted to the consolidated statement
of comprehensive income to the account "Revaluation of derivative liability".
At 31 December 2024 the Existing Convertible Bond is shown in the Consolidated
Statement of Financial Position in the following categories:
Convertible Bond - Derivative Component (Non-current Liability) $582,014
Convertible Bond - Debt Component (Current Liability) $9,153,776
Convertible Bond - Debt Component (Non-current Liability) $3,823,413
Total $13,559,203
7. Share Issuances
In August 2024, Pantheon completed an equity fundraising, raising $29m before
costs through the issuance of 132,454,566 new ordinary shares at a price of
$0.2206 (£0.17) per share. Concurrent with the equity fundraising, the
Company made an early repayment of $4.9m against the Existing Convertible
Bonds through the issuance of 22,380,254 shares at a price of $0.2206 (£0.17)
per share. This early repayment shortened the maturity date from the
original December 2026 to the now-current June 2026.
In September 2024, Pantheon repaid (i) the quarterly principal repayment of
$2.45m and (ii) the quarterly interest payment of $0.224m in respect of its
senior unsecured convertible bonds through the issuance of 14,244,459 new
ordinary shares.
In October 2024, Pantheon announced details of its replacement ESOP for all
employees and a Long Term Incentive Plan ("LTIP") for Executive Directors and
certain officers of the Company. Under the ESOP the Company issued in
aggregate 9,087,584 RSUs across all staff members, excluding non-executive
directors. The RSUs were priced at $0.2206 (£0.17), the same pricing as for
the August 2024 completed equity fundraising, using current exchange rates,
and represented a small premium to the closing share price on the day prior to
issue. Under the Share Award Scheme, the initial RSUs, granted to all staff,
vest over three years beginning in 2025. Under the LTIP a total of 9.5m deeply
out of the money share options were granted, with vesting over a 5 year period
and also subject to achievement of challenging performance targets. The
exercise price of the initial option grant, the first grant for more than two
and a half years, was $0.835 (c.£0.64), representing a 290% premium to the
prevailing share price.
Also in October 2024, the Executive Chairman and the Non-Executive Directors
subscribed for 261,696 new ordinary shares at an issue price of $0.2748
(£0.212) per share, raising $0.1m.
In November 2024, Pantheon completed a private placement of 9,108,756 shares
at an issue price of $0.2878 (£0.2266) per share, raising $2.6m. The proceeds
were applied to the full payment of the December 2024 quarterly convertible
bond repayment, inclusive of principal and interest.
8. Approval by Directors
The interim report for the six months ended 31 December 2024 was approved by
the Directors on 23 March 2025.
9. Availability of Interim Report
The interim report will be made available shortly on the Company's website
(www.pantheonresources.com), with further copies available on request from the
Company's registered office.
10. Contingent liability
Pursuant to IAS 37, a contingent liability is either: (1) a possible
obligation arising from past events whose existence will be confirmed only by
the occurrence or non-occurrence of some uncertain future event not wholly
within the entity's control, or (2) a present obligation that arises from a
past event but is not recognized because either: (i) it is not probable that
an outflow of resources embodying economic benefits will be required to settle
the obligation, or (ii) the amount of the obligation cannot be measured with
sufficient reliability.
Kinder Morgan Treating L.P. ("Kinder Morgan") initiated a dispute over an East
Texas gas treating agreement between Kinder Morgan and Vision Operating
Company, LLC ("VOC"). VOC ceased making payments to the service provider in
July 2019. The service provider subsequently issued a demand to VOC and, in
February 2021, served Pantheon Resources PLC with a petition, seeking to
recover not less than $3.35m in respect of this VOC contract. Pantheon held
ownership of less than 0.1% of VOC via a 66.6% interest in Vision Resources
LLC. Both Vision Resources LLC and VOC filed for Chapter 7 Bankruptcy in the
United States Bankruptcy Court for the Southern District of Texas Houston in
April 2020.
No Pantheon entity was a signatory to the gas treating agreement and none are
named in the agreement. Pantheon took legal advice on the matter and believed
it had no liability to the service provider. Accordingly, Pantheon made no
provision in previous financial statements, or in the ones for this period.
In July 2021, the court dismissed Kinder Morgan's claims against Pantheon
Resources plc. Kinder Morgan then asserted claims against two subsidiaries,
Pantheon Oil & Gas, LP and Pantheon East Texas, LLC, seeking to recover
the same claimed damages under the VOC contract. The court in that lawsuit
dismissed the claims against Pantheon East Texas LLC as it was not formed
until 18 months after the gas treating agreement was signed.
Pantheon Oil & Gas, LP contested the claims asserted against it. The case
proceeded to trial in late October 2024 and the jury rendered a verdict in
favor of Pantheon Oil & Gas on all of Kinder Morgan's claims. Following
the verdict, Pantheon Oil & Gas and Pantheon East Texas filed a motion for
entry of final judgment in their favour, along with a request for a
discretionary award of attorney fees. Kinder Morgan filed a motion for
judgment in its favour notwithstanding the verdict and a pleading challenging
Pantheon Oil & Gas and Pantheon East Texas's claim to recover attorney
fees.
In mid-January 2025, the trial court overruled Kinder Morgan's motion and
entered final judgment in favour of the Pantheon entities, without awarding
attorney fees to either party. Following this, Kinder Morgan then filed a
motion for new trial, to which the Pantheon entities responded in mid-February
2025. As of the time of this filing, the trial court has not ruled on this
motion and retains plenary power over the litigation.
11. Subsequent Events
Appointment of Max Easley, as Chief Executive Officer and as Member of the
Board of Directors
On 21 February 2025, the Company appointed Max Easley as Chief Executive
Officer, succeeding Jay Cheatham. Mr. Easley also was appointed as a member of
the Pantheon Board of Directors, while Jay will continue to serve the Company
as a Non-Executive Director for a period of handover to Max. David Hobbs,
currently remains as Executive Chairman, but has indicated that he will be
seeking to migrate his role back to Non-Executive Chairman as part of the
evolution of the Group's corporate governance once Mr. Easley is well
established in his role.
Max Easley brings over thirty years of experience as a highly respected energy
executive, drawing on extensive domestic and international experience in the
upstream industry. Over the course of his career, Max has held executive rolls
at BP, Apache Corporation and PETRONAS Canada.
Max graduated from the University of Alaska in 1991 with a degree in Petroleum
Engineering. Following his early days learning his trade as a petroleum
engineer at Prudhoe Bay, he worked overseas for over a decade, primarily in
the UK and Trinidad, in a variety of technical, financial and leadership roles
before returning to Alaska as Senior Vice President of Resource Development
for BP Alaska. Over the past decade, he has been a driving force in the
capital efficient appraisal, development and production of unconventional
resources both in the Permian Basin in Texas and the Montney in British
Columbia.
Megrez-1 Completions and Flow Test Activities
In March 2025, activities commenced to prepare the Megrez-1 well for flow
testing. As detailed in the Company Statement section of these interim
reports, the separate flow tests are planned for a period of months, and will
cover the shallowest six zones of seven horizons previously confirmed by the
Company. The seven zones are interpreted to comprise a column of 1,340
vertical feet of net oil pay. Results of these flow tests will be released
as they become available. As of the time of this filing, the hydraulic
fracture stimulation equipment has been moved to the Megrez-1 site in
preparation to commence the completion program for the first zone to be
tested.
New Convertible Bonds Originally Sized at $30.5 Million and Then Up-Sized to
$35.0 Million
On 20 February 2025, the Company entered into a binding agreement with Sun
Hung Kai & Co. Limited and its affiliates, clients and funds managed or
advised by them (the "New Convertible Bond Investor") concerning
between $30.5m and $35.0m in aggregate principal amount of senior
convertible bonds due March 2028 (as previously defined, the "New
Convertible Bonds"). Pursuant to the agreement, the Company agreed to issue,
and the New Convertible Bond Investor agreed to subscribe to, the New
Convertible Bonds on or before 24 March 2025.
On 26 February 2025 Pantheon granted the Convertible Bond Investor the sole
right to increase the aggregate amount of the New Convertible Bonds to $35.0m
and, on 28 February 2025, the New Convertible Bond Investor made the election
and exercised that right to increase the offering size of the Convertible
Bonds to $35.0m.
The New Convertible Bonds will be issued on or about 24 March 2025 for a
principal amount of $35.0m and will carry a coupon of 5.0% per annum payable
quarterly in arrears commencing three months from 24 March 2025. In the
absence of a conversion or redemption, they will mature on the third
anniversary. The initial conversion price will be $0.8675 subject to
adjustment for splits, consolidations, and similar corporate actions.
Payment of Quarterly Amortisation of Existing Convertible Bonds
In March 2025, Pantheon announced that it elected to pay (i) the quarterly
principal repayment of $2.45m and (ii) the interest payment of $0.147m
(collectively, the "Quarterly Repayment") in respect of the Existing
Convertible Bonds due June 2026, through the issuance of 3,629,122 new
ordinary shares.
Following the settlement of this Quarterly Repayment, the principal remaining
under the Existing Convertible Bonds has reduced to $12.25m.
Talitha-A Well Suspension Activities
In February and March of 2025, an ice road was built to the temporarily
suspended Talitha-A well. The site was inspected and an additional well plug
and cement were set to satisfy State of Alaska regulations for extended
suspension of the well. The cost of this activity was approximately $0.8m.
Annual General Meeting for Fiscal Year 2024
At the Company's AGM in March 2025, all resolutions were passed. A copy of the
resolutions passed are available on the Shareholder Documents section of the
Company website.
GLOSSARY
bbl barrel of oil mcfd thousand cubic feet per day
bopd barrels of oil per day Mmboe million barrels of oil equivalent
boepd barrels of oil equivalent per day NPV net present value
mcf thousand cubic feet $ United States dollar
bwpd barrels water per day IP30 average production in the first 30 days of the life of a well
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