Pantheon Resources announced (12 March 2026) that Michael Spencer has joined the board as Chairman. The company has indicated its intention toprioritise i) the appraisal of the Kodiak field, and ii) the advancement of farmout discussions to optimally create shareholder value. With Kodiak prioritised and with funding for Kodiak no longer conditional on cashflow from satellite fields, we can bring forward our assumed timing for first oil at Kodiak from 2034 to 2031 - while we acknowledge that further acceleration is possible. Reconfiguring our model to reflect this change results in an upward revision of our TP to 32.0p from 26.3p (+22%). Critically, we see the upward revision of our TP as a positive inflection point for Pantheon Resources.