Business
Final Results for the Year Ended 30 June 2021
Final Results for the Year Ended 30 June 2021.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8822U\n Pantheon Resources PLC\n 07 December 2021\n \n \n \n \n \n \n \n 07 December 2021\n \n \n \n \n \n \n \n \n Pantheon Resources plc\n \n \n Final Results for the Year Ended 30 June 2021\n \n \n \n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or the \"Company\" or the \"Group\"), the AIM-quoted oil company with 100% working interest in approximately 153,000 acres located adjacent to transportation and pipeline infrastructure on State Land on the Alaska North Slope, is pleased to announce its results for the year ended 30 June 2021.\n \n \n Operational Highlights for the year ended 30 June 2021 and until the present time\n \n \n · \n A period of great achievement for Pantheon, further strengthening its portfolio and establishing itself as a significant stakeholder on the Alaskan North Slope\n \n \n · \n 100% working interest in ~153,000 contiguous acres, spanning 3 projects\n \n \n · \n Approx. 1,000 square miles of mostly proprietary 3D seismic\n \n \n · \n Company estimates potential for ~17 billion barrels oil in place (OIP) and over 2.2 billion barrels of recoverable resource\n \n \n · \n Formal granting of the 'Alkaid Unit' (22,804 acres) and the 'Talitha Unit' (44,463 acres) by the State of Alaska\n \n \n · \n Exit of Texas operations to focus 100% on Alaska\n \n \n · \n Continued advancements in geological mapping and understanding of our regional play. Continued high-grading of acreage with the successful acquisition of c.66,000 acres in the State of Alaska areawide lease sales, contiguous to the Talitha and Theta West projects and dropping of the non-core Leonis acreage\n \n \n · \n Acquired the remaining 10.8% working interest in the Talitha project. \n \n \n · \n Successful drilling of the Talitha #A well confirming five independent oil bearing zones. Independent analysis of cutting samples taken confirmed oil in all of the 416 samples taken across a 3,700 section. Talitha #A was suspended to be re-entered in the future for flow testing. \n \n \n Financial & Corporate Highlights \n \n \n · \n Loss for the year: $6.7m (2020: $17m)\n \n \n · \n Non-cash items: non cash Share Option expense $3.2m (2020: Nil)\n \n \n · \n G&A: $5.0m (2020: $4.9m*). *Includes G&A re-classified as Dis...