28th Mar 2019 09:53
LONDON (Alliance News) - Pantheon Resources PLC is looking forward to the rest of its financial year, the company said on Thursday, after an "incredible" first six months.
In January, Pantheon completed the acquisition of both Great Bear Petroleum Ventures I LLC and Great Bear Petroleum Ventures II LLC in a mixed cash and share deal.
This gave Pantheon 250,000 acres on Alaska's North Slope, including the Alkaid and Winx sites currently being tested.
Since the end of its first half ended January, Pantheon made an oil discovery at Alkaid, announced Monday this week, though did get a "disappointed" result from the Winx-1 well earlier in March.
Pantheon did say, however, at the time that this "does not condemn" the Western Blocks on which the well is situated.
On the financial front, Pantheon posted a pretax loss of USD1.3 million, halved year-on-year, with revenue falling to USD356,598 from USD514,303.
The plan ahead is for Pantheon to test secondary targets at the Alkaid well, including West Sak and Ugnu.
Shares were 1.1% lower on Thursday at a price of 27.50 pence each.
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