Pantheon Resources Plc is a little guy among giants.

On the Alaska North Slope, the small U.K.-based exploration company weathered the storms of 2020—reducing its staff and cutting salaries, ending the financial year with a financial loss for the period, like many of its larger peers. The oil explorer, however, continues to take on risks in its quest to prove up oil potential across its 160,000-acre Alaskan position.

Pantheon said in May the company believes its 100%-owned Theta West Basin Floor Fan play project, which has been at the helm of the company’s leasing strategy, holds an estimated 1.41 billion barrels of recoverable oil based on a recovery factor of 20% in the Upper Basin Floor Fan and 11% in the Lower Basin Floor Fan.

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