27th Jan 2021 14:31
Pantheon Resources PLC - oil & gas exploration company focused on the Alaska North Slope - Swings to pretax loss of USD21.7 million in the year ended June 30 from a USD16.7 million profit in financial 2019. Revenue in the period falls substantially to USD85,213 from USD724,589 the year before due to the "poor operational performance of the East Texas wells and the deterioration in commodity prices, which resulted in the wells being shut-in for extended periods."
Says exploration asset impairment was down to USD7.8 million from USD34.1 million the prior year, while developed oil asset impairment was down to USD6.9 million from USD13.1 million in 2019. Operating loss narrowed to USD21.8 million from USD55.3 million the year before.
"Despite the well documented challenges of Covid on the oil and gas sector globally, Pantheon had a period of great achievement. We've now commenced the drilling of Talitha, which if successful will significantly change our company. At the same time, our other projects, in particular Theta West, continue to grow in quality, size and scale. We enter 2021 with great optimism," says Chief Executive Jay Cheatham.
Current stock price: 33.58 pence, down 9.3% on Wednesday
Year-to-date change: down 23%
By Zoe Wickens; [email protected]
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