|
Pantheon Resources PLC on Tuesday reported a narrowed full-year loss as non-cash accounting items related to convertible bonds boosted the bottom line while it remained in the pre-development stage. Pantheon is an oil and gas company focused on developing the Ahpun and Kodiak onshore oil fields in Alaska. Despite a greater operating loss, pretax loss narrowed to $4.2 million for the year ended June 30, from $13.4 million the year before. This was largely because of a $13.1 million boost from a revaluation of derivative liability related to convertible bonds, swinging from a loss of $337,055. The operating loss was £12.6 million, widened from £8.8 million on-year. Cash, cash equivalents and term deposits were up 67% to $13.2 million as at June 30, from $7.9 million a year earlier. No revenue was reported for 2025, compared to $13,393 the year prior, as the company remains in the pre-development phase. The revenue generated last year came from oil sales which resulted from testing at Alkaid-2. However, Pantheon said this was a one-off, as production stopped once flow testing operations ended. No material revenue is anticipated until 2028, the company said. So far, Pantheon has drilled eight wells and completed six. Looking ahead, the company said it is focused on progressing toward being development-ready, with its near-term focus to appraise and establish the commercial potential of Ahpun. ‘Financial year 2025 was a year of continued investment and preparation for Pantheon as we worked to strengthen the foundations of the business,’ said Executive Chair David Hobbs. ‘Following the 2024 independent certification of our resource base, in 2025 we focused on building the organisational, technical and governance capabilities required to support the company’s targeted transition toward potential development activities.’ Shares in Pantheon rose 4.1% to 8.74 pence on Tuesday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
