20th Nov 2015 09:04
LONDON (Alliance News) - Pantheon Resources PLC Friday reported a widened loss for its most recently ended financial year, in what it called a "transformational period" for the company.
For the year to end-June the company reported a pretax loss of GBP1.1 million, widened from a pretax loss of GBP738,471 a year before, mostly as a result of higher administrative costs and share based payments. Revenue fell to GBP3,389 from GBP5,381.
The company attributed this increase to the granting of share options and costs associated to restructuring its joint venture and recapitalising the company.
Pantheon is an oil and gas exploration and production company, with an interest in projects in East Texas via its joint venture Vision Resources.
Over the second half of the year the company continued to make progress, drilling two wells on its 50% owned acreage in Tyler and Polk Counties, East Texas.
The second well in its 2015 drilling programme, the Vision Operating Smith #1 well was spudded in September 2015, and is approaching its primary and secondary targets. This well has already encountered an "unexpected but potentially significant" hydrocarbon bearing zone, and this formation has now been side-track and put behind pipe to allow the well to proceed towards its primary and secondary targets, the company said.
"We have a lot of hard work ahead as we look to build on our initial success. The good news is that in the course of the year under review we have finally transformed your company from one of promise to one of value, and I remain optimistic that there is much to look forward to in the months and years ahead," said Chief Executive Jay Cheatham in a statement.
Shares in Pantheon were down 1.0% at 85.65 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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