Editing Pantheon Resources Plc
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Latest revision | Your text | ||
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=== Idea === | === Idea === | ||
ccc | |||
=== Projects === | === Projects === | ||
ccc | ccc | ||
==== Greater Alkaid ==== | ==== Greater Alkaid ==== | ||
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===== Alkaid #1 Pay Intervals ===== | ===== Alkaid #1 Pay Intervals ===== | ||
Comprehensive data from Alkaid well revealed a 400-foot gross pay, with 240 feet of net oil pay.<ref name=":0" /> Expert consultations confirmed the potential of this project.<ref name=":0" /> Notably, only a small fraction of the well’s capacity was accessed during the tests. Pantheon projects that optimally designed horizontal development wells could significantly increase oil production.<ref name=":0" /> Advanced seismic imaging indicates even better reservoir potentials in the core.<ref name=":0" /> The company envisions using an early production unit (EPU) to facilitate early cash flow and obtain valuable data.<ref name=":0" /> A full-fledged Central Processing Unit (CPU) is in the pipeline for optimal resource | Comprehensive data from Alkaid well revealed a 400-foot gross pay, with 240 feet of net oil pay.<ref name=":0" /> Expert consultations confirmed the potential of this project.<ref name=":0" /> Notably, only a small fraction of the well’s capacity was accessed during the tests. Pantheon projects that optimally designed horizontal development wells could significantly increase oil production.<ref name=":0" /> Advanced seismic imaging indicates even better reservoir potentials in the core.<ref name=":0" /> The company envisions using an early production unit (EPU) to facilitate early cash flow and obtain valuable data.<ref name=":0" /> A full-fledged Central Processing Unit (CPU) is in the pipeline for optimal resource utilization.<ref name=":0" /> Pantheon is keen to use unconventional oil production technologies, which has become standard across the Alaska North Slope.<ref name=":0" /> | ||
In 2020, an independent report on the Greater Alkaid oil accumulation cited 76.5 million barrels of recoverable reserves, valuing the project at $595m (considering a $55/Bbl oil price).<ref name=":0" /> The company plans to commission a pilot test producer in 2022, which could provide immediate cash flow.<ref name=":0" /> Alkaid’s strategic location offers year-round activity advantages.<ref name=":0" /> | In 2020, an independent report on the Greater Alkaid oil accumulation cited 76.5 million barrels of recoverable reserves, valuing the project at $595m (considering a $55/Bbl oil price).<ref name=":0" /> The company plans to commission a pilot test producer in 2022, which could provide immediate cash flow.<ref name=":0" /> Alkaid’s strategic location offers year-round activity advantages.<ref name=":0" /> | ||
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* The Talitha #A well, located eight miles west of the Dalton Highway and TAPS, identified movable light oil across multiple horizons, with over a billion barrels of recoverable oil potential.<ref name=":1" /> | * The Talitha #A well, located eight miles west of the Dalton Highway and TAPS, identified movable light oil across multiple horizons, with over a billion barrels of recoverable oil potential.<ref name=":1" /> | ||
* Its proximity to existing infrastructure offers economic advantages, potentially allowing for faster production ramp-up with | * Its proximity to existing infrastructure offers economic advantages, potentially allowing for faster production ramp-up with minimized capital expenditure.<ref name=":1" /> | ||
* The well reached a depth of c. 10,456 ft, revealing five potentially productive zones. Challenges arose during testing due to operational issues and inclement weather, but significant findings were still achieved.<ref name=":1" /> | * The well reached a depth of c. 10,456 ft, revealing five potentially productive zones. Challenges arose during testing due to operational issues and inclement weather, but significant findings were still achieved.<ref name=":1" /> | ||
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The data from Talitha #A has increased confidence in the commercial viability of these zones.<ref name=":1" /> Pantheon remains encouraged by the analysis and sees potential for further exploration and drilling.<ref name=":1" /> The discovery augments the prospectivity of adjacent potential oil-bearing structures, which will be explored in future programs.<ref name=":1" /> | The data from Talitha #A has increased confidence in the commercial viability of these zones.<ref name=":1" /> Pantheon remains encouraged by the analysis and sees potential for further exploration and drilling.<ref name=":1" /> The discovery augments the prospectivity of adjacent potential oil-bearing structures, which will be explored in future programs.<ref name=":1" /> | ||
== | ==== Theta West ==== | ||
Pantheon has concluded drilling at Theta West#1, confirming a discovery of light sweet crude oil.<ref name=":2">https://www.pantheonresources.com/about-pantheon/projects/theta-west</ref> This discovery is now set for extensive production testing.<ref name=":2" /> Theta West stands as Pantheon’s most significant appraisal project.<ref name=":2" /> The company projects its potential to rival the immense hydrocarbon pore volume plays outside the renowned Prudhoe Bay Oilfield in the ANS.<ref name=":2" /> This geological configuration, given its success and volume, can be likened to the deepwater offshore regions in the Gulf of Mexico, West Africa, and recent discoveries off Guyana's coast.<ref name=":2" /> In essence, Theta West is a giant Basin Floor Fan with the potential to hold multibillion barrels of oil.<ref name=":2" /> | |||
Years ago, Pantheon identified this vast geological opportunity and utilized its unique 3D seismic and analytical methodologies to secure a strong position in the Theta West play.<ref name=":2" /> This was strategically done before drilling Talitha #A in 2021.<ref name=":2" /> The Talitha #A drilling confirmed the presence of oil in the Theta West structure. A follow-up drilling at Theta West #1 took place 10.5 miles from Talitha, in a geologically superior position.<ref name=":2" /> To date, three wells — Pipeline State #1, Talitha #1, and Theta West #1 — have successfully tapped into the Basin Floor Fan (BFF) complex.<ref name=":2" /> | |||
The latest Theta West #1 drilling reached a depth of 8,450 feet, navigating through the Upper and Lower Basin Floor Fan target layers of Brookian age.<ref name=":2" /> The drilling revealed approximately 1,160 gross feet of oil reservoir across these horizons.<ref name=":2" /> Preliminary data indicates this reservoir's quality surpasses that of the downdip Talitha #A, with high-quality oil found throughout.<ref name=":2" /> | |||
Key depths recorded are: | |||
* UBFF: 6,800 - 7,000 ft<ref name=":2" /> | |||
* LBFF: 7,450 - 8,410 ft<ref name=":2" /> | |||
These depths exceed previous estimates, and due to external factors such as extreme cold, the company had to rely on Logging While Drilling (LWD) operations.<ref name=":2" /> However, this yielded invaluable data, hinting at hydrocarbon presence higher up from the Talitha #A well.<ref name=":2" /> | |||
AHS/Baker Hughes, the company's partners, have verified the presence of light oil in the UBFF and LBFF's top section, aligning with the LWD data.<ref name=":2" /> The full analysis of LBFF's lower section is still underway.<ref name=":2" /> Initial estimates pegged Theta West #A's potential at 12.1 billion barrels of oil, with a most likely recoverable amount of 1.41 billion barrels on Pantheon's land.<ref name=":2" /> This figure will be re-evaluated after thorough testing and analysis.<ref name=":2" /> | |||
Historically, the Theta West BFF was also successfully drilled in the 1988 Pipeline State #1 well.<ref name=":2" /> More insights were obtained from the Talitha #A well, where the LBFF's substantial thickness was established.<ref name=":2" /> Subsequent testing yielded high-quality oil averaging 73 barrels per day over three days.<ref name=":2" /> | |||
The recent Theta West #1 drilling confirmed expectations of a thicker reservoir at the crest, with increased porosity and permeability.<ref name=":2" /> The site’s shallower depth offers a cost-effective drilling prospect for such a vast resource.<ref name=":2" /> The entire Theta West project spans an impressive 100,000 acres under Pantheon's control, representing a significant opportunity for the company.<ref name=":2" /> Pantheon management considers Theta West as a potentially world-class project in a prime location.<ref name=":2" /> | |||
In broader geological terms, the Theta West BFF is a segment of the Brookian deepwater fan systems.<ref name=":2" /> This includes the Slope Fan system and is situated between the Shelf Margin Deltaic and the Kuparuk Formation in terms of depth.<ref name=":2" /> Both the Talitha #A and Pipeline State #1 wells confirmed these regions as oil-bearing.<ref name=":2" /> Initially thought to be distinct fan systems, recent analysis suggests they might be part of an expansive continuous section, possibly forming a “super trap.”<ref name=":2" /> | |||
=== Strategy === | === Strategy === | ||
Pantheon's | Pantheon focuses on onshore hydrocarbon exploration and production on Alaska's North Slope, a region where their expertise and competitive edge shine. Operating as a lean entity with stringent cost controls, Pantheon is dedicated to optimizing returns for its shareholders. They achieve this by targeting exploration and appraisal activities in areas with proven potential. | ||
Located in the USA, onshore Alaska benefits from a robust free-market framework where both the rule of law and free enterprise principles are deeply rooted. Pantheon's strategic positioning, directly beneath and adjacent to the established yet underutilized Trans Alaska Pipeline System (TAPS) and related transport infrastructures, grants them significant advantages. It enables the company to expedite and economically channel any oil discoveries to the market compared to other North Slope ventures. | |||
Although Pantheon is a smaller exploration and appraisal entity, its arsenal is fortified with over a decade of proprietary geological insights. This wealth of knowledge stems from a substantial investment exceeding US$200 million in their Alaskan properties. Pantheon's leadership is confident that their precise, cost-effective approach, encapsulated in their "prove up and sell" ethos, offers investors a rare chance to engage in impactful, risk-adjusted drilling ventures with substantial promise. Their assets boast over 1,000 square miles of proprietary 3D seismic data and a significant landholding across four projects. The company eagerly anticipates the State of Alaska's awarding of two production units in late 2020 for the Greater Alkaid and Talitha projects, spanning nearly 70,000 acres combined. This is set to be a pivotal turning point for Pantheon. | |||
In the coming year, Pantheon's drilling endeavors will target vast prospects that hold significant economic potential relative to their current market valuation. Any successful discoveries of hydrocarbons from these efforts have the power to revolutionize the company's magnitude and influence. Ultimately, Pantheon's long-term game plan revolves around monetizing these assets, be it through a sale or other viable avenues, when the timing aligns perfectly. | |||
=== Team === | === Team === | ||
==== | ==== Phillip Gobe, Non-Executive Chairman ==== | ||
[[File:Phillip Gobe.jpg|thumb|Phillip Gobe]] | |||
* '''Experience:''' Over four decades in the oil and gas sector, both domestically and internationally.<ref name=":3">https://www.pantheonresources.com/investors/financial-reports/673-final-results-for-the-year-ended-30-june-2022/file</ref> | |||
* '''Current & Past Roles:''' Chairman and former CEO of ProPetro; Senior roles in Energy Partners Ltd, Nuevo Energy Co., Vastar Resources, and Atlantic Richfield Company. He notably managed operations at Prudhoe Bay, the USA's largest oilfield.<ref name=":3" /> | |||
* '''Specialties:''' Drilling, HR, health and safety, and has overseen lucrative corporate exits.<ref name=":3" /> | |||
* '''Board Affiliations:''' Non-executive director at Pioneer Natural Resources, former director of Scientific Drilling International Inc.<ref name=":3" /> | |||
* '''Pantheon Committees:''' Chairs Remuneration and Nominations, Audit, and Conflicts Committees. Member of the Anti-Corruption and Bribery Committee.<ref name=":3" /> | |||
==== Jay Cheatham, Chief Executive Officer ==== | |||
* '''Experience:''' Over five decades encompassing all aspects of the petroleum business.<ref name=":3" /> | * '''Experience:''' Over five decades encompassing all aspects of the petroleum business.<ref name=":3" /> | ||
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* '''Pantheon Committees:''' Member of the Remuneration and Nominations, Audit, Conflicts, and Anti-Corruption and Bribery Committees.<ref name=":3" /> | * '''Pantheon Committees:''' Member of the Remuneration and Nominations, Audit, Conflicts, and Anti-Corruption and Bribery Committees.<ref name=":3" /> | ||
==== Justin Hondris, Director of Finance and Corporate Development | ==== Justin Hondris, Director of Finance and Corporate Development ==== | ||
* '''Experience:''' Over 15 years in public company management, specifically in the upstream oil and gas sector.<ref name=":3" /> | * '''Experience:''' Over 15 years in public company management, specifically in the upstream oil and gas sector.<ref name=":3" /> | ||
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* '''Pantheon Committees:''' Chairs the Anti-Corruption and Bribery Committee. Member of the Remuneration and Nominations and Conflicts Committees.<ref name=":3" /> | * '''Pantheon Committees:''' Chairs the Anti-Corruption and Bribery Committee. Member of the Remuneration and Nominations and Conflicts Committees.<ref name=":3" /> | ||
==== Robert (Bob) Rosenthal, Technical Director | ==== Robert (Bob) Rosenthal, Technical Director ==== | ||
* '''Experience:''' Over 40 years globally as an Exploration Geologist and Geophysicist.<ref name=":3" /> | * '''Experience:''' Over 40 years globally as an Exploration Geologist and Geophysicist.<ref name=":3" /> | ||
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* '''Current Engagement:''' Since 1999, he has operated a successful consulting business, leading exploration initiatives for various private and public entities.<ref name=":3" /> | * '''Current Engagement:''' Since 1999, he has operated a successful consulting business, leading exploration initiatives for various private and public entities.<ref name=":3" /> | ||
==== Jeremy Brest, Non-Executive Director | ==== Jeremy Brest, Non-Executive Director ==== | ||
[[File:Jeremy Brest.jpg|thumb|Jeremy Brest]] | [[File:Jeremy Brest.jpg|thumb|Jeremy Brest]] | ||
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* '''Current & Past Roles:''' Founder of Framework Capital Solutions, a boutique advisory firm; Former head of structuring for Indonesia at Credit Suisse and a derivatives trader at Goldman Sachs.<ref name=":3" /> | * '''Current & Past Roles:''' Founder of Framework Capital Solutions, a boutique advisory firm; Former head of structuring for Indonesia at Credit Suisse and a derivatives trader at Goldman Sachs.<ref name=":3" /> | ||
* '''Pantheon Committees:''' Member of the Audit, Remuneration and Nominations, Conflicts, and Anti-Corruption and Bribery Committees.<ref name=":3" /> | * '''Pantheon Committees:''' Member of the Audit, Remuneration and Nominations, Conflicts, and Anti-Corruption and Bribery Committees.<ref name=":3" /> | ||
== Market == | == Market == | ||
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=== Most recent === | === Most recent === | ||
==== Profit and loss ==== | |||
==== Balance sheet ==== | |||
==== Cash flow ==== | |||
ccc | |||
=== | === Full-year results === | ||
==== Profit and loss ==== | ==== Profit and loss ==== | ||
{| class="wikitable" | {| class="wikitable" | ||
|+Profit and loss | |+Profit and loss | ||
! | !Year | ||
! | !2018<ref name=":6">https://www.pantheonresources.com/investors/financial-reports/648-pantheon-resources-annual-report-and-financial-statements-year-ended-30-june-2019/file</ref> | ||
!2022<ref name=": | !2019<ref name=":7">https://www.pantheonresources.com/investors/financial-reports/654-final-results-for-the-year-ended-june-2020/file</ref> | ||
!2020 (restated)<ref name=":8">https://www.pantheonresources.com/investors/financial-reports/660-final-results-for-the-year-ended-30-june-2020/file</ref> | |||
!2021<ref name=":3" /> | |||
!2022<ref name=":3" /> | |||
|- | |- | ||
|Currency | |Currency | ||
|USD | |||
|USD | |||
|USD | |||
|USD | |USD | ||
|USD | |USD | ||
|- | |- | ||
| | |Year since incorporation | ||
|13 | |||
|14 | |||
|15 | |||
|16 | |||
|17 | |||
|- | |- | ||
| | | colspan="6" |Continuing operations | ||
| | |||
|- | |- | ||
| | |Revenue | ||
| - | |1,009,570 | ||
| | |724,589 | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Production royalties | ||
| | |(244,783) | ||
|( | |(205,458) | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Depletion of developed oil & gas assets | ||
| | |(88,293) | ||
|( | |(148,485) | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Cost of sales | ||
| | |(562,986) | ||
|( | |(737,208) | ||
|- | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Gross profit/(loss) | ||
| | |113,508 | ||
|( | |(366,562) | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Administration expenses | ||
|(5, | |(1,922,917) | ||
|(7, | |(3,438,239) | ||
|(3,667,635) | |||
|(5,034,361) | |||
|(7,430,653) | |||
|- | |- | ||
| | |General & Administrative expenses – Vision | ||
|( | |<nowiki>-</nowiki> | ||
| | |(1,744,730) | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Impairment of exploration & evaluation assets | ||
|( | |(6,805,537) | ||
| | |(34,138,156) | ||
| | |(130,112) | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Share Based payments expense | ||
|( | |<nowiki>-</nowiki> | ||
|( | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |||
|(3,211,038) | |||
|(8,256,575) | |||
|- | |- | ||
| | |Impairment of developed oil & gas assets | ||
| | |<nowiki>-</nowiki> | ||
| | |(13,092,684) | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Impairment of property plant and equipment | ||
| | |<nowiki>-</nowiki> | ||
|(1, | |(1,397,950) | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Impairment of Goodwill | ||
|- | |<nowiki>-</nowiki> | ||
|(796,236) | |||
|<nowiki>-</nowiki> | |||
|( | |<nowiki>-</nowiki> | ||
|- | |<nowiki>-</nowiki> | ||
| | |||
| | |||
|- | |- | ||
| | |Depreciation of production & pipeline facilities | ||
|(145,516) | |||
|(275,665) | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Operating loss | ||
|( | |(8,760,462) | ||
|( | |(55,250,222) | ||
| | |(3,797,747) | ||
|(8,245,400) | |||
|(15,687,228) | |||
| | |||
|- | |- | ||
| | |Convertible Bond - Interest Expense | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|(4,640,537) | |||
|- | |- | ||
| | |Convertible Bond - Revaluation of Derivative Liability | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|4,310,773 | |||
|- | |- | ||
| | |Gain on bargain purchase | ||
|<nowiki>-</nowiki> | |||
|100,757,286 | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Less: deferred tax thereon | ||
| | |<nowiki>-</nowiki> | ||
| | |(28,783,396) | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Interest receivable | ||
| | |6,858 | ||
| | |25,781 | ||
| | |23,759 | ||
| | |4,234 | ||
|42,674 | |||
| | |||
|- | |- | ||
| | |Loss before taxation | ||
|(8,753,604) | |||
|16,749,449 | |||
|(3,773,988) | |||
|(8,241,165) | |||
|(15,974,318) | |||
|- | |- | ||
| | |Taxation | ||
| | |<nowiki>-</nowiki> | ||
|2, | |18,757,633 | ||
|965,681 | |||
|1,573,094 | |||
|2,022,334 | |||
|- | |- | ||
| | |Loss for the year from Continuing Operations after Taxation | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|(2,808,307) | |||
|(6,668,071) | |||
|(13,951,984) | |||
|- | |- | ||
| | |Loss for the year from discontinued operations | ||
| | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |||
|- | |(14,170,288) | ||
| | |(54,415) | ||
| | |<nowiki>-</nowiki> | ||
| | |||
|- | |- | ||
| | |Loss for the year | ||
|(8,753,604) | |||
|35,507,082 | |||
|(16,978,595) | |||
|(6,722,487) | |||
|(13,951,984) | |||
|- | |- | ||
| | |Other comprehensive income for the year Exchange differences from translating foreign operations | ||
|277,183 | |||
|(179,284) | |||
|(47,800) | |||
|1,503,199 | |||
|(741,484) | |||
|- | |- | ||
| | |Total comprehensive loss for the year | ||
| | |(8,476,421) | ||
| | |35,327,798 | ||
|(17,026,395) | |||
|(5,219,288) | |||
|(14,693,468) | |||
|- | |- | ||
| | | colspan="6" |Loss per share from continuing operations: | ||
| | |||
|- | |- | ||
| | |Basic and diluted loss per share | ||
| | |(3.72)¢ | ||
| | |10.54¢ | ||
| | |(0.56)¢ | ||
| | |(1.17)¢ | ||
| | |(1.93)¢ | ||
|- | |- | ||
| | | colspan="6" |Loss per share from discontinued operations: | ||
| | |||
|- | |- | ||
| | |Basic and diluted loss per share | ||
|2 | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|(2.83)¢ | |||
|(0.01)¢ | |||
|<nowiki>-</nowiki> | |||
|} | |||
==== Balance sheet ==== | |||
{| class="wikitable" | |||
|+Balance sheet | |||
! | |||
!2018<ref name=":6" /> | |||
!2019<ref name=":7" /> | |||
!2020<ref name=":8" /> | |||
!2021<ref name=":3" /> | |||
!2022<ref name=":3" /> | |||
|- | |- | ||
| | |Currency | ||
| | |USD | ||
| | |USD | ||
| | |USD | ||
| | |USD | ||
|USD | |||
|- | |- | ||
| | |Year since incorporation | ||
| | |13 | ||
| | |14 | ||
|15 | |||
|16 | |||
|17 | |||
|- | |- | ||
| | | colspan="6" |Assets | ||
| | |||
|- | |- | ||
| | | colspan="6" |Non-current assets | ||
| | |||
|- | |- | ||
| | |Exploration & evaluation assets | ||
| | |43,498,422 | ||
| | |160,887,260 | ||
|156,097,609 | |||
|188,954,719 | |||
|237,722,294 | |||
|- | |- | ||
| | |Developed oil & gas assets | ||
| | |13,736,007 | ||
| | |6,961,445 | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |- | ||
| | |Property, plant and equipment | ||
| | |2,237,698 | ||
| | |2,494,464 | ||
|658,898 | |||
|30,308 | |||
|91,691 | |||
|- | |- | ||
| | |Total non-current assets | ||
|59,472,127 | |||
|170,343,169 | |||
|156,756,507 | |||
|188,985,027 | |||
|237,813,985 | |||
|- | |- | ||
| colspan=" | | colspan="6" |Current assets | ||
|- | |- | ||
| | |Trade and other receivables | ||
| | |700,939 | ||
| | |1,843,649 | ||
|74,167 | |||
|109,876 | |||
|2,498,447 | |||
|- | |- | ||
| | |Cash and cash equivalents | ||
| | |3,399,290 | ||
| | |1,853,986 | ||
|4,802,965 | |||
|5,663,477 | |||
|57,784,121 | |||
|- | |- | ||
| | |Total current assets | ||
| | |4,100,229 | ||
| | |3,697,635 | ||
|4,877,132 | |||
|5,773,353 | |||
|60,282,568 | |||
|- | |- | ||
| | |Total assets | ||
| | |63,572,356 | ||
| | |174,040,804 | ||
|161,633,639 | |||
|194,758,380 | |||
|298,096,553 | |||
|- | |- | ||
| | | colspan="6" |Liabilities | ||
| | |||
|- | |- | ||
| | | colspan="6" |Current liabilities | ||
| | |||
|- | |- | ||
| | |Convertible Bond – Debt | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|10,001,704 | |||
|- | |- | ||
| | |Trade and other payables | ||
| | |316,976 | ||
| | |1,410,347 | ||
|388,092 | |||
|1,107,090 | |||
|6,377,986 | |||
|- | |- | ||
| | |Provisions | ||
|<nowiki>-</nowiki> | |||
|1,335,863 | |||
|1,335,863 | |||
|1,250,000 | |||
|5,285,440 | |||
|- | |- | ||
| | |Lease Liabilities | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|46,311 | |||
|32,788 | |||
|60,297 | |||
|- | |- | ||
| | |Other Liabilities | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|- | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|1,964,441 | |||
| | |||
|- | |- | ||
| | |Deferred tax liability | ||
| | |<nowiki>-</nowiki> | ||
| | |10,025,763 | ||
|5,293,296 | |||
|3,705,737 | |||
|1,683,403 | |||
|- | |- | ||
| | |Total current liabilities | ||
| | |316,976 | ||
| | |12,771,973 | ||
|7,063,562 | |||
|6,095,615 | |||
|25,373,271 | |||
|- | |- | ||
| | | colspan="6" |Non-current liabilities | ||
| | |||
|- | |- | ||
| | |Lease Liabilities | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|27,914 | |||
|<nowiki>-</nowiki> | |||
|30,004 | |||
|- | |- | ||
| | |Convertible Bond – Debt | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|- | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
| | |20,474,664 | ||
|- | |- | ||
| | |Convertible Bond – Derivative | ||
| | |<nowiki>-</nowiki> | ||
| - | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|12,816,226 | |||
|- | |- | ||
| | |Total non-current liabilities | ||
| | |<nowiki>-</nowiki> | ||
| | |<nowiki>-</nowiki> | ||
|27,914 | |||
|<nowiki>-</nowiki> | |||
|33,320,894 | |||
|- | |- | ||
| | |Total liabilities | ||
| | |316,976 | ||
| | |12,771,973 | ||
|7,091,476 | |||
|6,095,615 | |||
|58,694,166 | |||
|- | |- | ||
| | |Net assets | ||
| | |63,255,380 | ||
| | |161,268,831 | ||
| | |154,542,163 | ||
|188,662,765 | |||
| | |239,402,388 | ||
| | |||
|- | |- | ||
| | | colspan="6" |Equity | ||
| | |||
|- | |- | ||
| | | colspan="6" |Capital and reserves | ||
| | |||
|- | |- | ||
| | |Share capital | ||
| | |3,852,673 | ||
| | |7,966,075 | ||
| | |8,568,721 | ||
| | |9,739,203 | ||
| | |10,720,459 | ||
|- | |- | ||
| | |Share premium | ||
|106,678,805 | |||
|164,044,720 | |||
|173,687,092 | |||
|208,683,936 | |||
|264,879,196 | |||
|- | |- | ||
| | |Retained losses | ||
| | |(48,137,398) | ||
| | |(12,630,316) | ||
| | |(29,608,911) | ||
| | |(36,331,398) | ||
| | |(48,466,591) | ||
|- | |- | ||
| | |Currency reserve | ||
|( | |(41,554) | ||
|( | |(220,838) | ||
|(268,637) | |||
|1,234,562 | |||
|493,078 | |||
|- | |||
|Share based payment reserve | |||
|902,854 | |||
|2,163,898 | |||
|2,163,898 | |||
|5,336,462 | |||
|11,776,246 | |||
|- | |||
|Non controlling interests | |||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|(54,708) | |||
|( | |||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Shareholders’ equity | ||
| | |63,255,380 | ||
| | |161,268,831 | ||
|< | |154,542,163 | ||
|188,662,765 | |||
|239,402,388 | |||
|} | |||
==== Cash flow ==== | |||
{| class="wikitable" | |||
|+Cash flow | |||
!Year | |||
!2018<ref name=":6" /> | |||
!2019<ref name=":7" /> | |||
!2020<ref name=":8" /> | |||
!2021<ref name=":3" /> | |||
!2022<ref name=":3" /> | |||
|- | |- | ||
| | |Currency | ||
| | |USD | ||
| | |USD | ||
| | |USD | ||
| | |USD | ||
| | |USD | ||
|- | |||
|Year since incorporation | |||
|13 | |||
|14 | |||
|15 | |||
|16 | |||
|17 | |||
|- | |- | ||
| | |Net outflow from operating activities | ||
|( | |(2,082,803) | ||
|( | |(5,513,085) | ||
|( | |(5,707,802) | ||
|( | |(3,098,495) | ||
|( | |(941,506) | ||
|- | |- | ||
| | | colspan="6" |Cash flows from investing activities | ||
| | |||
|- | |- | ||
| | |Interest received | ||
|( | |6,858 | ||
|( | |25,781 | ||
|( | |25,881 | ||
| | |4,295 | ||
| | |42,674 | ||
|- | |||
|Funds used for drilling, exploration and leases | |||
|(10,679,594) | |||
|(10,579,750) | |||
|(1,591,591) | |||
|(24,973,399) | |||
|(45,267,175) | |||
|- | |- | ||
| | |Developed oil & gas assets | ||
|(495,183) | |||
|(523,934) | |||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Decommissioning Provision (Exploration & Evaluation) | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
| | |676,464 | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Decommissioning Provision (Developed Oil & Gas Assets) | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
| | |409,400 | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Advance for Performance Bond | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|(2,400,000) | |||
|- | |- | ||
| | |Property, plant and equipment | ||
| | |208,682 | ||
|( | |(312,637) | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|(3,368) | |||
|- | |- | ||
| | |Acquisition of a subsidiary (Great Bear), net of cash acquired | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|(6,098,215) | |||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Acquisition of a subsidiary, (Vision Resources LLC) net of cash acquired | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|1,920 | |||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Disposal | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|(1,134) | |||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|- | |- | ||
| | |Net cash outflow from investing activities | ||
| | |(10,959,237) | ||
|( | |(16,400,971) | ||
| | |(1,566,844) | ||
| | |(24,969,105) | ||
| | |(47,627,869) | ||
|- | |- | ||
| | | colspan="6" |Cash flows from financing activities | ||
| | |||
|- | |- | ||
| | |Proceeds from share issues | ||
| | |12,596,484 | ||
| | |21,259,057 | ||
|( | |10,816,383 | ||
|( | |30,181,084 | ||
|( | |46,739,796 | ||
|- | |||
|Issue costs paid in cash | |||
|(537,360) | |||
|(890,304) | |||
|(571,364) | |||
|(1,197,275) | |||
|(994,694) | |||
|- | |- | ||
| | |Proceeds from Convertible Bond | ||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
| | |55,000,000 | ||
|- | |- | ||
| | |Repayment of borrowing and leasing liabilities | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|<nowiki>-</nowiki> | |<nowiki>-</nowiki> | ||
|( | |(21,394) | ||
|( | |(55,698) | ||
| | |(55,083) | ||
|- | |- | ||
| | |Net cash inflow from financing activities | ||
| | |12,059,124 | ||
| | |20,368,753 | ||
| | |10,223,625 | ||
| | |28,928,111 | ||
| | |100,690,020 | ||
|- | |- | ||
| | |Increase in cash & cash equivalents | ||
| | |(982,916) | ||
|( | |(1,545,304) | ||
| | |2,948,979 | ||
| | |860,511 | ||
| | |52,120,645 | ||
|- | |- | ||
| | |Cash and cash equivalents at the beginning of the year | ||
| | |4,382,206 | ||
| | |3,399,290 | ||
| | |1,853,986 | ||
| | |4,802,965 | ||
| | |5,663,476 | ||
|- | |- | ||
| | |Cash and cash equivalents at the end of the year | ||
| | |3,399,290 | ||
| | |1,853,986 | ||
| | |4,802,965 | ||
| | |5,663,476 | ||
|(0. | |57,784,121 | ||
|} | |||
== Risks == | |||
As with any investment, investing in Pantheon Resources Plc carries a level of risk. Overall, based on the Pantheon Resources Plc's adjusted beta (i.e. 0.55)<ref name=":4">Research shows that an investment has two main types of risks: 1) non-systematic and 2) systematic. Systematic risk is the risk related to the overall market, and non-systematic risk is the risk that's specific to an individual investment. Evidence shows that taking on non-systematic risk is inefficient, and it's, therefore, best to eliminate it; and in most cases, elimination is fairy easy to do [by holding a diversified portfolio of investments (i.e. around 15 investments)]. Accordingly, when assessing the riskiness of an investment, it’s best to look at the systematic risk only (i.e. ignore the non-systematic risk). A key measure of systematic risk is beta, and a main way to determine the riskiness of an investment is to compare the beta of the investment with the beta of the market, which is 1. For estimating an asset's beta, in terms of time period, and frequency of observations, the most common choice is five years of monthly data, yielding 60 observations. One study of U.S. stocks found support for five years of monthly data over alternatives. The beta value in a future period has been found to be on average closer to the mean value of 1.0, the beta of an average-systematic-risk security, than to the value of the raw beta. Because valuation is forward looking, it is logical to adjust the raw beta so it more accurately predicts a future beta.</ref>, the degree of risk associated with an investment in Pantheon Resources Plc is 'medium'. | |||
Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more/most accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'medium' risk, it must have a beta value of between 0.5 and 1.5. Further information about the beta ratings can be found in the appendix section of this report. | |||
The key risks can be found below. For us, currently, the biggest risk to the valuation of the company relates to the lease obligations. | |||
== | # '''Lease Obligations:''' The group leases properties for oil and gas exploration, requiring annual payments. Any default can lead to lease termination, which would adversely impact business and financial operations. Pantheon has actively participated in annual lease sales and secured 40,000 leases in November 2022. These leases have a 10-year life and favorable terms.<ref name=":3" /> | ||
# '''Lease Renewal:''' Leases may be terminated if the group fails to meet specific obligations, like timely exploration. Not renewing these leases can significantly harm the business. However, the group has obtained unitization for certain projects to possibly extend their initial lease term.<ref name=":3" /> | |||
# '''Licensing and Permissions:''' The group needs various approvals for developing their leases. Failure to obtain these permissions can hamper the group's ability to operate. To counter this, the group employs personnel experienced in navigating regulatory requirements.<ref name=":3" /> | |||
# '''Political and Regulatory Changes:''' Changes in the political environment, particularly in the Northern Slope Borough, Alaska, and the U.S., can adversely affect operations. New regulations or stricter enforcement of current ones can pose challenges. However, Pantheon's projects are on state lands, thus less affected by federal policy changes.<ref name=":3" /> | |||
# '''Legal Proceedings:''' The group might face legal challenges that can be costly and can damage its reputation. They engage with legal counsel proactively to mitigate potential risks.<ref name=":3" /> | |||
# '''Relationships with Stakeholders:''' The oil and gas sector often faces scrutiny. Failure to manage relationships with communities and environmental groups might adversely affect the group’s reputation and operations. The group endeavors to conduct operations responsibly and legally.<ref name=":3" /> | |||
# '''Regulatory Changes:''' Amendments to existing laws regarding oil and gas exploration could adversely affect the group's business. They continuously monitor potential regulatory shifts and maintain relationships with regulatory agencies.<ref name=":3" /> | |||
# '''Supply Chain Disruptions:''' Global events, like the Covid-19 pandemic and the Russia/Ukraine conflict, have affected the supply chain and caused inflation. The group plans its operations meticulously and orders equipment in advance to minimize disruptions.<ref name=":3" /> | |||
== Valuation == | |||
=== Absolute Valuation === | |||
==== What's the expected return of an investment in the company? ==== | |||
The Stockhub users estimate that the expected return of an investment in the company over the next five years is ccc%, which equates to an annual return of ccc%. In other words, an £1,000 investment in the company is expected to return £ccc in five years time. The assumptions used to estimate the return figure can be found in the table below. | |||
Assuming that a suitable return level over five years is ccc% per year or less, and Pantheon Resources achieves its expected return level (of ccc%), then an investment in the company is considered to be an 'suitable' one. | |||
==== What are the assumptions used to estimate the return? ==== | |||
ccc | |||
==== Sensitivity analysis ==== | |||
The main inputs that result in the greatest change in the expected return of the Pantheon Resources investment are, in order of importance (from highest to lowest): | |||
# The size of the total addressable market (the default size is $ccc); | |||
# Pantheon Resources peak market share (the default share is ccc%); and | |||
# The discount rate (the default time-weighted average rate is ccc%). | |||
The impact of a 50% change in those main inputs to the expected return of the Pantheon Resources investment is shown in the table below. | |||
{| class="wikitable sortable" | |||
|+Pantheon Resources investment expected return sensitivity analysis | |||
!Main input | |||
!50% worse | |||
!Unchanged | |||
!50% better | |||
|- | |- | ||
| | |The discount rate | ||
| | |ccc% | ||
| | |ccc% | ||
| | |ccc% | ||
|- | |- | ||
| | |The size of the total addressable market | ||
| | |ccc% | ||
| | |ccc% | ||
| | |ccc% | ||
|- | |- | ||
| | |Pantheon Resources peak market share | ||
| | |ccc% | ||
| | |ccc% | ||
|ccc% | |||
|} | |||
| | |||
| | == Appendix == | ||
=== Cost of equity === | |||
{| class="wikitable" | |||
|+Cost of equity | |||
!Input | |||
!Input value | |||
!Additional information | |||
|- | |- | ||
| | |Risk-free rate (%) | ||
| | |4.297% | ||
| | |Here, the risk free rate is the US 30 year treasury bond, and is calculated as at 3rd September 2023. Research suggests that for the risk-free rate, it's best to use one that has the same or similar maturity to the estimated remaining lifespan of the company. Here, we have assumed that the estimated lifespan of the company is 30 years years or longer, so we have used the longest maturity, which is 30 years. | ||
|- | |- | ||
| | |Beta | ||
| | |0.5508 | ||
| | |Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more/most accurately predicts a future beta. | ||
|- | |- | ||
| | |Equity risk premium (%) | ||
| | |7.98% | ||
|Research suggests that for the region of equity risk premium, it's best to use one that is the same or similar to the region of the beta market portfolio. Here, the region of the beta market portfolio is the world/global, so we have used the world/global region for the equity risk premium, and is calculated as at 5th January 2023. | |||
| | |||
|- | |- | ||
| | |Cost of equity (%) | ||
|- | |8.69% | ||
| | |Cost of equity = Risk-free rate + Beta x Equity risk premium. | ||
|} | |||
| | === Relative valuation === | ||
| | As noted earlier in this report, research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach, so that's the approach that Stockhub suggests using to determine the estimated value of the company (the valuation based on the discounted cash flow approach can be found in the valuation section of this report); nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the relative valuation approach. | ||
==== What's the expected return of an investment in Pantheon Resources using the relative valuation approach? ==== | |||
Stockhub estimates that the expected return of an investment in Pantheon Resources over the next five years is ccc%, which equates to an annual return of ccc%. In other words, an £1,000 investment in the company is expected to return £ccc in five years time. The assumptions used to estimate the return figure can be found in the table below. | |||
==== What are the assumptions used to estimate the return figure? ==== | |||
ccc | |||
{| class="wikitable" | |||
|+Key inputs | |||
!Description | |||
!Value | |||
!Commentary | |||
|- | |- | ||
| | |Which type of multiple do you want to use? | ||
| | |EV/Proved + Probable Reserves | ||
|1, | |Mainly given the relatively low amount of fixed capital expenditure (as a proportion of revenue) of companies within the consultancy industry (for example, currently, Alpha's fixed capital expenditure as a proportion of revenue is around 0.5%), we suggest valuing the company using the price/earnings ratio. However, we feel that to take into account the different business lifecycle stages of its peers (and, therefore, the different growth stages of its peers), the most suitable valuation multiple to use is the price/earnings to (earnings) growth multiple (or the PEG multiple, for short), rather than the price/earnings multiple. Another multiple which we think it's worth looking at is the (sales) growth-adjusted EV/sales, mainly because the multiple takes into account the different leverage levels of the peers (whereas the PEG does not, at least not directly; one is able to argue that the leverage levels are reflected indirectly in the earnings growth rates). | ||
| | |- | ||
| | |In regards to the PEG multiple, for the earnings figure, which year to you want to use? | ||
| | |Year 1 | ||
|Research suggests that when using the relative valuation approach, it's best to use a time period of 12 months or less. Accordingly, for the earnings figure, we suggest using Year 1, which is 22 pence per share. | |||
|- | |||
|In regards to the PEG multiple, for the earnings growth figure, which year(s) do you want to use? | |||
|Year 2 to 4, from now | |||
|We suggest that for the earnings growth figure, it's best to use Year 2 to 4, which equates to a compound annual growth rate (CAGR) of 30%. | |||
|- | |- | ||
| | |In regards to the PEG multiple, what multiple figure do you want to use? | ||
|1.04x | |||
| | |Here, we suggest using a multiple of 1.04x, which we believe is in-line with the multiples of Alpha's peers. | ||
| | |||
|- | |- | ||
| | |Which financial forecasts to use? | ||
| | |Stockhub | ||
|The only available forecasts are the ones that are supplied by us (the forecasts can be found in the financials section of this report), so we suggest using those. | |||
| | |||
|- | |- | ||
| | |What's the current value of the company? | ||
|£197.46 million | |||
|As at 4th September 2023, the current value of Pantheon Resources Plc is £197.46 million). | |||
|- | |- | ||
| | |Which time period do you want to use to estimate the expected return? | ||
|Between now and one year time | |||
|Research suggests that when using the relative valuation approach, it's best to estimate the expected return of the company between now and one year time. | |||
|} | |||
{| class="wikitable" | |||
|+Peers analysis | |||
! | |||
!Market capitalisation (local) | |||
!Cash | |||
!Debt | |||
!Enterprise value | |||
!Proved reserves | |||
!Probable reserves | |||
!Possible reserves | |||
!EV/Proved Reserves | |||
!EV/Proved + Probable Reserves | |||
!EV/Proved + Probable + Possible Reserves | |||
|- | |- | ||
| | |Pantheon Resources Plc | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |88 Energy Limited | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Brookside Energy Limited | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |Diversified Gas & Oil PLC | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |||
| | |||
| | |||
| | |||
|- | |- | ||
| | |ConocoPhillips | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | |||
| | |} | ||
| | |||
==== Sensitivity analysis ==== | |||
The main inputs that result in the greatest change in the expected return of the Pantheon Resources investment are, in order of importance (from highest to lowest): | |||
# The growth-adjusted EV/sales multiple (the default multiple ccc); | |||
# Pantheon Resources Year 5 sales figure (the default figure is £ccc); and | |||
# Pantheon Resources Year 6 sales growth rate (the default rate is ccc%). | |||
The impact of a 50% change in those main inputs to the expected return of the Pantheon Resources investment is shown in the table below. | |||
{| class="wikitable sortable" | |||
|+Pantheon Resources investment expected return sensitivity analysis | |||
!Main input | |||
!50% worse | |||
!Unchanged | |||
!50% better | |||
|- | |- | ||
| | |The growth-adjusted EV/sales multiple | ||
| | |ccc% | ||
| | |ccc% | ||
| | |ccc% | ||
|- | |- | ||
| | |Pantheon Resources Year 5 sales figure | ||
|ccc% | |||
|ccc% | |||
|ccc% | |||
|- | |- | ||
| | |Pantheon Resources Year 6 sales growth rate | ||
|< | |ccc% | ||
|ccc% | |||
|ccc% | |||
|} | |||
=== Significant holdings === | |||
{| class="wikitable" | |||
|+Significant holdings as of 15th June 2023<ref>As of 23 June 2022, CHONS LLC was the registered holder of 38,068,993 shares, representing 4.95% of the share capital of the Company. These shares were held through one or more nominees accounts which may or may not be wholly in the top shareholder list presented above. Pantheon has been advised by Farallon Capital Management LLC, the discretionary investment manager of CHONS LLC that it qualifies for an investment manager exemption pursuant to DTR 5.1.5 R (1)(a) in the FCA Rules. The practical effect of the investment manager exemption is that, where a person is acting as investment manager to another person, the applicable disclosure thresholds under the DTRs are only at 5%, 10% and 1% increments above 10%. Accordingly, the referenced shareholdings are subject to change without additional notification and therefore cannot be considered accurate apart from on the referenced date. | |||
On 3 August 2021, Mr Michael Spencer and IPGL Limited advised they were the registered holder of 25,888,710 shares representing 3.7% of the share capital of Pantheon on that date, and were the holder of 7,816,200 Financial instruments of similar economic effect, representing 1.13% of the registered share capital of Pantheon at that time. These shares were held through one or more nominees accounts which may or may not be wholly in the top shareholder list presented above. The referenced shareholdings are only considered accurate on the referenced data and are not expected to be updated until the next reporting threshold (higher or lower) is crossed. | |||
On 1 April 2022, Mr Sanjay Motwani notified of a direct holding in 3,271,788 ordinary shares and an indirect holding in 19,851,474 ordinary shares, collectively representing 3.05% of the share capital of Pantheon on that date. These shares were held through one or more nominees accounts which may or may not be wholly in the top shareholder list presented above. The referenced shareholding(s) are only considered accurate on the referenced data and are not expected to be updated until the next reporting threshold (higher or lower) is crossed. </ref><ref>https://www.pantheonresources.com/investors/significant-holdings</ref> | |||
! | |||
!Number of Ordinary Shares | |||
!% of Share Capital | |||
|- | |- | ||
| | |Vidacos Nominees Limited | ||
| | |100,084,318 | ||
|11.34 | |||
| | |||
|- | |- | ||
| | |Interactive Brokers LLC | ||
| | |80,121,067 | ||
|9.08 | |||
| | |||
|- | |- | ||
| | |Lynchwood Nominees Limited | ||
| | |67,134,041 | ||
|7.60 | |||
| | |||
|- | |- | ||
| | |Vidacos Nominees Limited | ||
| | |38,521,840 | ||
|4.36 | |||
| | |||
|- | |- | ||
|Vidacos Nominees Limited | |||
|34,549,659 | |||
|Vidacos Nominees Limited | |||
|34,549,659 | |||
|3.91 | |3.91 | ||
|- | |- | ||
Line 2,101: | Line 1,075: | ||
=== Capital structure === | === Capital structure === | ||
The Company has | The Company has 907,206,399 ordinary fully paid shares in issue.<ref name=":5">https://www.pantheonresources.com/investors/capital-structure</ref> | ||
The number of ordinary shares not in public hands amounts to 6,956,691 equivalent to 0.9% of the issued allotted and fully paid ordinary shares.<ref name=":5" /> | |||
This is correct as of 21 June 2023. | |||
==== Share options ==== | ==== Share options ==== | ||
{| class="wikitable" | {| class="wikitable" | ||
Line 2,770: | Line 1,749: | ||
|- | |- | ||
|PSDM | |PSDM | ||
|Pre-stack depth <abbr>migration</abbr>. A seismic processing technique which | |Pre-stack depth <abbr>migration</abbr>. A seismic processing technique which utilizes rock velocity models to iteratively arrive at a depth converted seismic data volume. | ||
|- | |- | ||
|PSTM | |PSTM |