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(Alliance News) - Oil and gas exploration firm Pantheon Resources PLC on Friday reported a widened first half loss, with expenses surging and revenue slumping.
In the six months ended December 31, its pretax loss widened to USD2.8 million from USD1.3 million. Revenue fell sharply to USD78,003 from USD356,598.
Also weighing on profit were administration expenses, which ballooned to USD2.2 million from USD985,487.
Chief Executive Jay Cheatham said: "The oil and gas industry is facing serious challenges at the present time with the combined impact uncertain equity markets, the collapse of the oil price and operational constraints from the coronavirus pandemic. For companies with debt, unlike Pantheon, those challenges are further compounded. Oil price collapses are nothing new as I have seen these multiple times over my career, and on every occasion the oil price has recovered.
"The global oil and gas industry struggles to function at these prices and the economic impact is too severe to sustain these prices. I am confident oil prices will recover, but in the meantime the board envisage some structural changes which we believe could enhance Pantheon's portfolio of projects, containing a host of discoveries with multi-billion-barrel potential."
Oil prices plunged earlier in March after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.
On Friday morning, Brent was quoted at USD29.95 a barrel, having peaked at around USD70 earlier in 2020.
Shares in Pantheon were 2.3% lower at 8.80 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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