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(Alliance News) - Pantheon Resources PLC on Wednesday was granted a three-month extension to the deadline for filing its results for the year to the end of June, under AIM rules.
The oil & gas firm now has until the end of March 2021 to publish its results; however it expects to complete it by the end of January.
For the financial year, Pantheon expects to report a loss of USD17.0 million, compared to a profit of USD35.3 million the year before.
Part of the loss relates to impairment charges against the assets in East Texas, as the carrying value of the leases is written down to nothing, reflecting the group's decision to concentrate on its Alaska North Slope assets, and exit its East Texas operations.
Operating revenue is set to drop to around USD90,000 from USD720,000 the prior year.
Also on Wednesday, Pantheon said it has secured all necessary permits and authorisations to start construction of the ice road to the Talitha A drill site.
Looking ahead, the company is on schedule to gain the needed contracts and services to start drilling the Talitha A well, which is expected to spud in January, depending on weather conditions.
"The Talitha A project is targeting a resource of enormous potential, with four independent targeted horizons. The ice road is currently under construction, putting us on track for January spudding which is a fantastic achievement and testament to the hard work of our entire team. If we are successful, Talitha A can dramatically change our company, and we're all excited about it," said Chief Executive Officer Jay Cheatham.
Shares in Pantheon Resources were up 0.1% at 41.05 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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