Pantheon Resources (AIM:PANR) announced plans to raise approximately £5 million through a subscription and placing at 7p per new ordinary share, with trading in its shares suspended from 7.30am on Wednesday under a voluntary Capital Access Window mechanism.
The AIM-listed company, which is developing the Kodiak and Ahpun oil fields near existing pipeline and transportation infrastructure on Alaska's North Slope, said the funds will cover operating working capital until approximately early June 2027.
Pantheon said it has received strong indications of interest from existing shareholders and potential new investors, including non-executive chairman Michael Spencer, who intends to subscribe for £750,000.
The company said the raise will provide liquidity while it continues "substantial dialogue" with several parties over farm-in negotiations, the outcome of which remains uncertain.
Pantheon has been running a farm-out process for Kodiak and Ahpun for months, with multiple parties in the data room and due diligence described as ongoing and complex.
Alongside the funding update, Pantheon said detailed analysis of recent seismic data is expected to lead to recoverable resource upgrades at Kodiak, and that it has identified an optimal target area for an up-dip appraisal well that would also test additional prospects illuminated by the new seismic data.
Read more about Pantheon Resources
- 01/10/26Pantheon Resources names David Wilkins as chief executive
- 02/06/26Zeus analyst says Alaska LNG momentum bolsters Pantheon farm‑out case
- 02/06/26Pantheon Resources appeared before Alaska legislature
The Capital Access Window, a mechanism permitted under the AIM Rules that allows a temporary pause in share trading to broaden access to investors during a fundraise, will remain in place until the Proposed Fundraise concludes, after which trading is expected to resume.
Pantheon said it expects to announce further details of the fundraise in due course.