Pantheon Resources PLC on Monday said it expects results from well flow testing to upgrade its resource base as it remained focused on Alaska.
The oil and gas company focused on developing the Ahpun and Kodiak onshore oil fields in Alaska said its pretax loss narrowed to $6.9 million in the six months to December 31, from $7.4 million a year prior.
Administrative costs increased to $4.6 million from $4.0 million.
The interest cost coming partially from a convertible bond was $1.6 million, down from $2.6 million.
Further, Pantheon reported a $162,837 gain from the revaluation of derivative liability from a convertible bond, compared to the $1.2 million cost a year prior.
Looking ahead, Executive Chair David Hobbs said: ‘We anticipate the results of the Megrez-1 well flow testing [beginning this week] will upgrade our already substantial resource base and that continued progress on the Alaska liquefied natural gas phase 1 project will expand our funding options as we move to development of Ahpun and then Kodiak.’
Pantheon Resources shares were 0.7% lower at 65.37 pence each on Monday morning in London, giving it a market capitalisation of £746.7 million. Its shares have more than doubled in value from 27.00p a year ago.
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