Pantheon Resources has recently begun a new phase of operations at its Kodiak discovery in Alaska, focusing on seismic data reprocessing. This strategic move is seen by financial analysts, particularly Zeus Capital, as a foundational step toward an appraisal well that could significantly enhance the company's farm-out negotiations.
Zeus Capital's analysis highlights that the reprocessing work is concentrated on the northwestern section of Kodiak, an area situated updip from the Theta West-1 discovery made in 2022. Pantheon's objective is to drill an appraisal well, Theta West-2, to confirm and expand resource estimates. This drilling, anticipated in the winter of 2026/27, is expected to create a steady stream of positive news, beginning with the seismic work and progressing through the farm-out process.
Kodiak is recognized as a key asset within Pantheon's portfolio, with an estimated 1.2 billion barrels of recoverable liquids. Its substantial size has attracted considerable attention from potential joint venture partners, and the strategic importance of Kodiak's gas reserves in relation to the proposed Alaska LNG export project has also been noted. Meanwhile, Pantheon is also addressing the next steps for its Ahpun project following the suspension of flow testing at the Dubhe-1 well in December 2025. The company plans to conduct a pressure build-up test, potentially halting well activity until mid-2026, before resuming flow testing with an Electrical Submersible Pump (ESP) to accelerate well cleanup. Zeus Capital has maintained its forecasts and valuation for Pantheon, pegging shares at 49p based on its total risked Net Asset Value.
This proactive exploration and development strategy by Pantheon Resources underscores a forward-looking approach to maximizing asset value and fostering partnerships. By systematically de-risking its projects and providing clear pathways for resource verification, the company is not only enhancing its appeal to investors but also contributing to the broader energy landscape with responsible and diligent resource management. This commitment to methodical progress positions Pantheon for sustained growth and value creation in the dynamic energy sector.