9th Dec 2024 17:04
(Alliance News) - Pantheon Resources PLC on Monday said it was still looking to list in the US, and reported a decline in annual growth.
For the year ended June 30 the oil and gas company, which is focused on developing the Ahpun and Kodiak onshore oil fields in Alaska, said its pretax loss widened significantly to USD13.4 million from USD1.3 million.
Administration expenses more than doubled for the period, increasing to USD8.8 million from USD3.9 million the prior year, with the majority of this owed to Pantheon's Alaskan operation plus administration based in Alaska and Texas.
Pantheon's revenue was also down, declining by 98% to USD13,913 from the USD803,689 generated in the prior year.
The firm stressed the impact of non-cash items on its loss for the period and noted that it made two quarterly principal and interest payments concerning an unsecured convertible bond.
Pantheon Resources said it had reduced its convertible loan balance by 30% to USD17.2 million as of Monday, from USD24.5 million on July 1.
Pantheon in June had said that funding options under consideration included a US listing by 2025, which it hoped would provide "greater access to the US institutional investment community".
Executive Chair David Hobbs added: "Overall, the past year has seen a far more robust Pantheon emerging from this necessary period of consolidation.
"Many of the building blocks to achieve the strategic goals are now in place and we are confident that, once the market fully recognises the strength of the Ahpun and then Kodiak projects, the intrinsic value of the resource base will be recognised in the share price."
Looking ahead, Pantheon Chief Executive Jay Cheatham said the firm had an "eye toward ... a US listing".
He added that "as we prepare to build out the operational team in Houston, Texas for the next phase of our development journey at Ahpun, I have never been more confident in the future of Pantheon and of its potential for shareholder value creation".
Pantheon Resources shares were down 2.1% at 23.45 pence late on Monday in London.
By Christopher Ward, Alliance News reporter
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