Broker continues to see substantial upside as Pantheon Resources kicks off fresh work at Kodiak

In a note, Zeus highlighted that reprocessing had begun connected the northwest portion of Kodiak, successful an country updip of the Theta West-1 find drilled successful 2022, with Pantheon targeting an appraisal well, Theta West-2, to assistance beryllium up resources. The broker noted Theta West-2 could beryllium drilled successful the wintertime of 2026/27, mounting up a runway of imaginable newsflow archetypal from seismic enactment and aboriginal from the farm-out process.

Zeus framed Kodiak arsenic the larger header plus wrong Pantheon’s portfolio, noting the find sits eastbound of Ahpun and is assessed to incorporate astir 1.2bn barrels of recoverable liquids. The broker besides said prospective JV partners person tended to absorption much connected Kodiak fixed its size, portion flagging the imaginable strategical space of Kodiak state volumes successful the discourse of the mooted Alaska LNG export project.

Alongside Kodiak, Zeus said Pantheon is inactive moving done the adjacent steps astatine Ahpun aft the Dubhe-1 well. The travel investigating programme was suspended successful December 2025, and Zeus said Pantheon present expects to tally a unit build-up trial - potentially shutting successful the good until mid-2026 - before resuming travel investigating utilizing an ESP to velocity good cleanable up. Zeus made nary alteration to forecasts and kept its valuation unchanged, saying it values the shares successful enactment with its 49p full risked NAV.