Pantheon Resources announced yesterday (15 Jan 2026; 10:10 AM) the successful raising of $10m via a placing priced at 7p providing details on the use of funds and the near-term operational/strategic outlook. Most importantly, the company announced its intention to i) further flow test the Dubhe-1 well to appraise and unlock the latent value at Ahpun after acquiring downhole pressure data (success case valuation estimate: 102.7p), and ii) reprocess existing seismic data covering the super-giant Kodiak discovery to support the potential drilling of an appraisalwell at Kodiak as early as the 2026/27 winter season (success case valuation estimate: 190.2p). Reflecting dilution from the equity raise we adjust our TP to 26.3p (28.0p).
