Pantheon Assets reported a loss for the second half of 2022 of $1.6 million, down on the $4.4 million revenue reported in comparative interim interval in 2021.
The corporate stated its web earnings have been largely impacted by a $4.8 million web credit score which resulted from the mixed mark to market revaluation of the spinoff part of the unsecured Convertible Bond and curiosity costs on the debt part.
Normal and administration bills of $3.7 million have been barely increased than the prior yr reflecting the expansion of the corporate.
The corporate has progressed its initiatives throughout the Alaskan portfolio spanning 153,000 acres, which administration estimate to comprise over 20 billion barrels of oil in place and greater than two billion recoverable barrels of oil.
On the similar time, Pantheon Assets stated that the macro vitality atmosphere the corporate confronted in the course of the first half of 2022 pale considerably within the final half yr and into 2023 in response to world macroeconomic and geopolitical occasions. Provide chain points impacted operations at Alkaid #2 materially, as did excessive price inflation, which was significantly impacted by extraordinarily excessive diesel costs, service supplier and materials prices, the corporate outlined.
North Slope Actions
Pantheon stated in its newest report that it has continued advancing its high-impact initiatives on the Alaska North Slope from the exploration section to appraisal and growth planning.
The long run manufacturing take a look at at Alkaid #2 was an essential milestone in its passage to changing into an oil growth and manufacturing firm, the corporate stated. Over that interval, Pantheon produced and bought oil from its profitable manufacturing take a look at at Alkaid #2, which resulted in revenues of $500,000.
Pantheon stated its operational ambitions over 2023 and past are to check the Shelf Margin Deltaic – which the corporate believes has the potential to comprise 2.6 billion barrels of OIP and a P50 Contingent Useful resource (recoverable) of 404 million barrels oil (mmbo) within the Alaskan late spring/summer season – previous to shifting its efforts into evaluating its 1.7 billion barrel found useful resource at Theta West, in addition to assessing the assorted found horizons at Talitha.
Completion of those actions would require extra capital and on this regard Pantheon has prioritized the opening of its information room within the close to time period to start the method of discovering an acceptable farmout accomplice, or to in any other case elevate capital to fund operations.
Actions at Theta West and Talitha will embody extra drilling and testing to extend its contingent sources with an intention to in the end transition these sources to reserves permitting traders and the trade to acknowledge a better valuation for the discoveries, which have now been ranked amongst the most important on the earth by a number of world analysis organizations, the corporate stated.
“The interval to December 31, 2022 and past has continued to be certainly one of nice achievement for our firm with an infinite quantity of labor having been undertaken, additional supporting our confidence in our initiatives,” Jay Cheatham, CEO of Pantheon Assets, stated.
Wooden Mackenzie referred to Theta West #1 as being the fourth largest discovery effectively of 2022. Importantly, it’s the solely onshore effectively within the high 4, Cheatham stated. AHS Baker Hughes additionally referred to Theta West #1 as a ‘World Class Petroleum System’, famous Cheatham, including that Pantheon’s initiatives have the potential to be a nationally important oil useful resource in a protected jurisdiction onshore USA.
“We do perceive that Pantheon’s share value has suffered, because of plenty of components together with the outcomes at Alkaid which represents lower than 4 p.c of our useful resource, social media mistruths, a decrease oil value, and rising rates of interest. I reiterate once more to shareholders that we see nice potential within the Alkaid challenge,” Cheatham stated.
He additional famous that intercepting a gasoline cap which impacted the move take a look at, has enabled the corporate to optimize for future wells and place them deeper, anticipating important enchancment. Pantheon Useful resource’s modelling factors to Alkaid being a possible industrial growth, in accordance with Cheatham.
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