Aug. 10 at 8:38 PM
$PTHRF Zeus Capital sees upside catalysts for Pantheon Resources PLC, including a potential Kodiak farm-out and follow-on drilling in Alaska.
The broker, in a new note, pitches a 49p per share price target that's multiples above the small-cap's current price of 11.6p.
Pantheon has shifted its strategy to focus on Kodiak, its largest discovery, which NSAI estimates contains 1.2 billion barrels of 2C liquids resources and 5.4 trillion cubic feet of gas.
The company is now seeking a farm-out partner to help fund further appraisal and development, with Zeus saying Pantheon is engaged with multiple potential counterparties and expects an update by the end of summer.
"A successful farm-out would provide new funding, alongside technical endorsement of Pantheon's significant Alaska discoveries," Zeus said.
