Business
Interim Results for Six Months Ended 31/12/20
Interim Results for Six Months Ended 31/12/20.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9307T\n Pantheon Resources PLC\n 30 March 2021\n \n \n \n \n 30 March, 2021\n \n \n \n \n \n Pantheon Resources plc\n \n \n Interim Results (unaudited) for the six months ended 31 December, 2020\n \n \n \n \n \n Pantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration and production company with 100% working interests in several conventional projects on the North Slope of Alaska, announces its interim results for the six months ended 31 December 2020 together with operational highlights for the half year and the period beyond.\n \n \n HIGHLIGHTS\n \n \n Operational\n \n \n · \n Completed an equity fundraising raising of $30.1m before expenses at 0.31 per share\n \n \n · \n Spudding of Talitha #A well in January 2021; drilled to target depth of 10,456 ft; testing operations underway\n \n \n · \n Granting of Alkaid Unit (22,804 acres) and Talitha Unit (44,463 acres) - formally awarded by the State of Alaska,\n \n Department of Natural Resources\n \n \n ·\n Acquired 100% interest in c.66,000 acres contiguous to the existing Alaska projects in the January 2021 lease sale\n \n \n · \n Acquired 10.8% interest in Talitha Unit from Borealis Alaska\n \n \n · \n Strategic refocus with Alaska as the primary asset and East Texas project formally discontinued\n \n \n \n \n \n Financial\n \n \n ·\n Loss for the period $3.0m (2019: $2.2m). Note that the current period includes a non-cash accounting charge of $1.6m (2019: nil) relating to the issuance of share options\n \n \n · \n Cash on hand 31 December, 2020: $29.8m (2019: $7.4m)\n \n \n · \n Cash on hand 30 March, 2020: $17.8m\n \n \n · \n Debt: nil (2019: nil)\n \n \n \n \n \n \n \n \n \n Jay Cheatham, CEO of Pantheon Resources, said:\n \n \n \n \n \"Despite the headwind of challenges which have faced the oil and gas sector over the past 12 months, I am proud of Pantheon's significant achievements during this period. The strengthening of our lease position has been extraordinary and puts us in a fantastic position for the future, securing what we believe to be an exceptional acreage portfolio. We have drilled the Talitha #A well and have encountered f...