15th Nov 2013 12:19
LONDON (Alliance News) - Pantheon Resources PLC Friday reported a slightly narrowed loss for its last financial year as it earned its first revenues, but warned that the restructuring of its Tyler County Joint Venture was proceeding at a slower pace than desired.
The oil and gas explorer's main asset is a 25% working interest in the Tyler County project in east Texas, which is operated by Vision Gas Resources.
Pantheon had introduced two companies to Vision as potential partners in the joint venture, and the operator went into talks with one with a view to it helping develop the site. The parties have agreed financial parameters and are now evaluating geology and land data.
"This prospective new partner is involved in the oil and gas industry. However, this would be its first investment in the exploration and production end of the business in the US. As a result the process is moving slower than hoped. All parties are keen to complete the restructuring and I am," Chief Executive Susan Graham said in a statement.
Pantheon had also previously warned that drilling at the project could be hampered by the lack of available rigs in the area. However, Friday it said Vision is confident in being able to secure a suitable rig with a seasoned crew.
"The operator will not compromise on rig and crew quality and will wait if one is not immediately available, as it is an essential ingredient to success," it added.
Pantheon reported a pretax loss of GBP700,095 for its last financial year ended June 30, narrower than the GBP703,602 loss it posted a year earlier as it booked its first GBP7,541 in revenue.
Pantheon Resources shares were down 7.3% at 23.75 pence midday Friday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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