Pantheon sees Kodiak resource upside while seeking a funding partner

Pantheon ($PANR) Resources said its preliminary assessment of reprocessed seismic data points to an increase of at least 25% in Kodiak’s estimated 2C contingent resources. That is management’s initial interpretation, not a completed independent resource upgrade. Further evaluation remains necessary before the company can establish a revised formal estimate.

Ten parties remain active in the farm-out process. Pantheon received one offer but did not accept it, continuing discussions in pursuit of better terms. Existing liquidity is expected to last through year-end, while approximately $15 million of additional funding would be needed through the following year without a farm-out. The company does not plan an independently funded winter drilling campaign. Resource potential therefore remains closely linked to securing an acceptable financing or partnership arrangement.

Sources:

• Pantheon Resources — interim results and corporate update