Business
Final Results for the Year Ended 30 June 2017
Final Results for the Year Ended 30 June 2017.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1665X Pantheon Resources PLC 22 November 2017 \n\n22 November 2017\nPantheon Resources plc\n \nFinal Results for the Year Ended 30 June 2017\n \nPantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration company with a working interest in several conventional projects in Tyler and Polk Counties, onshore East Texas, today announces its final results for the year ended 30 June 2017.\nHIGHLIGHTS\nOperational\n· Another year of progress for Pantheon, completing its transition from a pure play exploration company to a full cycle E&P business having achieved first production post year end, in November 2017 \n· Continued demonstration of the resource potential of the acreage position in East Texas with a commercial discovery in the VOBM#3 well and the discovery of two new potentially significant horizons in the VOBM#4 well\n \n· Contracted Kinder Morgan to build and operate a 15 mmcf/d plant on the VOBM#3 wellsite, tied into the nearby Gulf South gas trunk line with the VOBM#s 1, 2H and 3 wells connected into the facility and on production as at 21 November 2017\n \n· Increased Polk County working interest from 50% to 58%* \n \n· Increased working interest from 50% to 75% in VOBM#4 well and secured an option to move to 75% over a greater area in Tyler County\n \nFinancial & Corporate\n· The Group changed its functional and presentation currency from Pounds to US Dollars \n· Loss from operations $1.74m (2016: $1.36m) \n· Cash on hand at 21 November 2017 of $11.7m (30 June 2017: $4.4m)\n \n· Receipt of first production revenues expected late December 2017 / early January 2018\n \n· Completed oversubscribed fundraise of US$12.5 million in July 2017 to accelerate the exploration, appraisal and development programme\n \n· Existing cash resources and expected cash flows from Polk County will finance accelerated 2018 drilling programme\n \n· Appointed Phillip Gobe, an oil industry veteran of more than 35 years with signifi...