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(Alliance News) - Pantheon Resources PLC on Monday reported that its interim loss widened as its "modest" revenue plummeted.
Shares in Pantheon Resources fell 7.0% to 27.00 pence each in London on Monday morning.
The oil and gas company focused on developing the Ahpun and Kodiak fields, onshore US said pretax loss in the six months to December 31 widened to USD7.4 million from USD2.3 million the year before.
This was because revenue in the first half of its financial year, which ends on June 30 plunged 97% to USD13,393 from USD455,309 in financial 2023.
Chair David Hobbs commented: "Pantheon has made great progress during the six months to 31 December 2023 and so far this year on a number of levels. Our testing of the shallower topsets in the Alkaid-2 wellbore was a great success, exceeding our expectations and validating the effectiveness of the revised frac design."
By Sabrina Penty, Alliance News reporter
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