34. Pantheon Resources Plc
Alaskan Oil Hunter
Exploring the rugged terrain of Alaska’s North Slope, Pantheon Resources Plc seeks to unlock vast oil and gas reserves, headquartered in London. Operating in the oil and gas industry – specifically in exploration and development – the company holds a 100% working interest in high-impact projects spanning 193,000 acres, strategically located near the Trans Alaska Pipeline System and Dalton Highway, aiming to capitalise on the region’s untapped potential.
Pantheon’s revenue model hinges on future production, as it currently has no significant sales from its exploration activities. The company focuses on developing two major oilfields, Ahpun and Kodiak, which together hold an estimated 1.6 billion barrels of contingent recoverable resources and 6.6 trillion cubic feet of associated natural gas. It aims to monetise these by drilling wells, proving reserves, and eventually selling crude oil and gas to markets via existing infrastructure. However, in 2024, Pantheon reported minimal revenue of $13,390, down 98% from $803,690 in 2023, reflecting its pre-production phase, with a net loss widening to $11.55 million from $1.45 million. Income currently comes from small-scale test production and interest on cash reserves, but the real payoff depends on reaching commercial production, targeted for 2028 at Ahpun.
Strategically, Pantheon has made progress with its Megrez-1 well, announcing a hydrocarbon discovery in 2025 that could significantly upgrade Ahpun’s resource estimates. It also signed a Gas Sales Precedent Agreement with the Alaska Gasline Development Corporation in 2024, aiming to supply gas at under $1 per million British thermal units, potentially saving costs and aligning with Alaska’s energy needs. Employing a small team, Pantheon has invested over $350 million in its Alaskan portfolio, but challenges abound – the harsh operating environment, regulatory hurdles, and geopolitical tensions in energy markets pose risks. A 2025 leadership transition, with Max Easley appointed as CEO, aims to steer the company towards financial self-sufficiency, though its $0.44 share price reflects investor caution amid a trailing 12-month EPS of -$0.01.
Pantheon’s proximity to infrastructure and vast resource potential offer a pathway to significant returns, but its pre-revenue stage, operational risks, and dependence on external financing in a volatile oil market make its future uncertain. Overall, pre-production oil explorers on AIM rarely deliver riches, and that alone disqualifies this company from the very high bar that Wonder Stocks sets.
One thought that struck me while researching this business relates to AI. As AI infrastructure expands, the demand for energy, both to power processors and cool data centres, is soaring. One potential solution is to collocate AI facilities with energy production in cold regions. Doing so could eliminate transmission losses, boost the value of local energy resources, and take advantage of natural cooling from the permafrost. Not a reason to invest here, but an intriguing side observation all the same.
