Pantheon Resource CEO Jay Cheatham and Justin Hondris, Head of Finance and Corporate Development joined Steve Darling from Proactive to detail their financial and operational status, along with upcoming projects and collaborations. The company's General and Administrative expenses rose slightly to $4 million, reflecting its growth trajectory, and reported a loss of $5.7 million. However, they have a robust cash balance of $8.7 million. An anticipated update from an independent expert report by Netherland,
Sewell and Associates is expected to significantly upgrade the resource estimates for the Kodiak project, particularly noting improved reservoir properties due to its shallower depth. This enhancement stems from recent acquisitions in a lease sale, promising better porosity and permeability characteristics. CEO Jay Cheatham also commented on the neighbouring activity by 88 Energy, noting close proximity and collaboration between the two companies' operations teams, especially regarding the Hickory 1 well.
Pantheon is optimistic that positive outcomes from 88 Energy's projects could have favourable implications for their operations. Furthermore, Justin Hondris, involved in finance and corporate development, highlighted ongoing discussions regarding vendor offtake financing, with an update planned for the end of the quarter. This financing is crucial for advancing Pantheon's significant assets and ambitions, although immediate cash influx from this arrangement should not be anticipated by investors at this stage. Overall, Pantheon Resources is positioned for a busy period ahead, with significant updates on financing and project evaluations forthcoming.
