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Pantheon Resources swings to loss on East Texas impairments
StockMarketWire.com
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Alaska-focused oil company Pantheon Resources swung to a full-year loss after it wrote off assets in East Texas.
Losses for the year through June amounted to $21.7 million, compared to a profit of $16.7 million year-on-year.
The company booked impairments of $16.5 million on its East Texas assets following a full write down of the properties following a Covid-related drop in fuel prices.
Pantheon Resources had decided to prioritise its Alaskan assets and would exit East Texas entirely in 2021.
Drilling of the Talitha #A well in Alaska commenced this month, targeting four independent horizons 'which management believe offers cumulative potential in a success case in the region of 1 billion barrels of oil recoverable', the company said.
At 9:04am: (LON:PANR) Pantheon Resources PLC share price was 0p at 40p
Story provided by StockMarketWire.com
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