Pantheon Resources (Pantheon) has built up a strong cash position after completing a heavy fundraising campaign.
In its half-year results, the oil and gas exploration company reported cash on hand had risen to $92.7m by December 2021, up from $29.8m in the previous year.
This followed fundraising raising of $96m, consisting of $41m in equity and $55m in unsecured convertible bonds before expenses
Losses for the period have risen to $4.4m – up from $3m this time last year.
The losses include non-cash accounting charges of $0.8m, relating to its convertible bond and $2m relating to the issuance of share options.
Despite the financial setbacks, Pantheon is bullish about its operational performance.
The AIM-listed company specialises in development on the North Slope of Alaska, and has reported successes at key projects since the half-year period ended.
It revealed the drilling of Theta West 1 well in January 2022 was successful.
The group drilled to target depth, while flow-testing achieved pre-drill objectives, confirming the presence and movability of high quality, light oil.
Meanwhile, the testing of the Talitha A well also reached pre-drill objectives, confirming the presence and movability of oil in each of the targeted horizons. This included the basin floor fan, the slope fan system; and shelf margin deltaic.
Pantheon has a webinar planned for late April
Chief executive Jay Cheatham said: “The period to 31 December 2021 and beyond has been one of great achievement for our company. Against a backdrop of strong oil prices and geopolitical turbulence, there never has been a better time to prove up what has the potential to be a nationally significant oil resource in a safe jurisdiction onshore USA.”