31st Mar 2014 12:53
LONDON (Alliance News) - Pantheon Resources PLC Monday said its pretax loss was largely flat in its first-half as the company continued to control its costs in a period of relative operational inactivity.
The US oil and gas exploration and production company said its pretax loss was GBP337,676 for the six months ended December 31 compared from GBP340,462 as revenues increased to GBP2,596 from a nil figure the previous year.
Pantheon Resources said the company has been rigorously cutting costs which has allowed it to keep largely flat administrative expenses of GBP333,698 from GBP341,674 despite reducing operations as extended negotiations took place over licence arrangements at its Tyler County Joint Venture in Texas.
In December, the company's Chairman John Walmsley said he thinks that delays to the Tyler County joint venture may not last much longer, and the partners are more confident about the geological potential of the area than at any time previously.
The project has been hit by various delays. An exploration well was drilled in 2009 but was plugged and abandoned for technical reasons. However, there have been discoveries made in adjacent areas.
On Monday, the company said the period of exclusivity for a possible Asian group to invest in the Tyler County site has now expired but another large international company is currently evaluating information on the site from the company's data room.
Furthermore, a new independent review of the Kara Farms prospect on the Tyler County site has shown that it has the potential to contain gross prospective recoverable resources of 14 million barrels of oil and 350 billion cubic feet of gas in its Eagleford/Woodbine feature.
Pantheon Resources shares were up 0.1% to 19.90 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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