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LONDON (Alliance News) - Pantheon Resources PLC Monday said its pretax loss widened in the first half of the financial year as administrative expenses rose, but said it is fully funded for a two well drilling campaign in 2015, reported a strong cash balance with no debt and said its projects remain attractive despite the fall in energy prices.
For the six months ended December 31, the company reported a pretax loss of GBP612,005, almost double the GBP337,676 loss in the same period a year earlier as administrative expenses almost doubled to GBP613,494 due to fundraising, restructuring of its joint venture and the issuance of share options. The company currently generates very little in revenue.
The company reported no debt at the end of 2014, with cash and equivalents of GBP6.9 million. At the end of 2013, it only had GBP967,005 in cash.
"The first half of this financial year was a significant period for the business and has created a well-financed platform with a transformational drilling programme due to commence in second quarter of 2015," said Chief Executive Jay Cheatham.
Pantheon is currently working in a joint venture on the Tyler and Polk Counties in East Texas, US, targeting the Eagleford/Woodbine and the Austin Chalk sandstones. Pantheon is fully funded for two "high impact" wells, one in each county.
"Despite all the noise and speculation about energy prices in financial markets, I would like to remind shareholders that for our company, nothing has changed geologically," said Cheatham. "Even at today's energy prices, therefore should these wells be successful, it has the potential to create spectacular value accretion for shareholders."
Pantheon shares were up 1.3% to 17.10 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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