Pantheon Resources, an emerging player in the energy sector, is gearing up for a pivotal phase as it awaits crucial developments related to resource evaluations and financing initiatives. In a recent discussion with Proactive, the company’s leadership shed light on the promising trajectory.
A highly anticipated update from an independent expert report by Netherland, Sewell and Associates is expected to significantly upgrade the resource estimates for Pantheon’s Kodiak project. This enhancement stems from recent acquisitions in a lease sale, promising better porosity and permeability characteristics due to the shallower depth of the reservoir.
CEO Jay Cheatham expressed optimism regarding the neighboring activity by 88 Energy, noting close proximity and collaboration between the two companies’ operations teams, especially concerning the Hickory 1 well. Positive outcomes from 88 Energy’s projects could have favorable implications for Pantheon’s operations.
On the financing front, Justin Hondris, Head of Finance and Corporate Development, highlighted ongoing discussions regarding vendor offtake financing. While an update is planned for the end of the quarter, investors should not anticipate an immediate cash influx from this arrangement. Nonetheless, this financing is crucial for advancing Pantheon’s significant assets and ambitions.
Despite a slight increase in General and Administrative expenses to $4 million, reflecting its growth trajectory, and a reported loss of $5.7 million, Pantheon Resources maintains a robust cash balance of $8.7 million. As the company positions itself for a busy period ahead, significant updates on financing and project evaluations are forthcoming, setting the stage for a transformative phase in Pantheon’s journey.
This news story relied on a press release distributed by News Direct. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Pantheon Resources Gears Up for Pivotal Developments.