Last checked at 2 Jan 2020 07:00
02 January, 2020
Pantheon Resources plc
Publication of Audited Financial Results for the year ended 30 June 2019
The Directors of Pantheon Resources plc ("Pantheon" or "the Company") regret that the Company will be unable to publish its audited annual report and accounts for the year ended 30 June 2019 (the "Accounts") by 31 December 2019 as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules").
The delay has been caused by the technical complexities in the course of the audit which primarily relate to the accounting of the acquisitions of Great Bear and Vision. As part of this process a third-party report is required for the auditor to independently confirm the directors estimate of the oil in place and recoverable oil for the Alkaid/Phecda discovery project. While Pantheon expected to have received this report by now, it is now estimated to arrive in the third week of January. Accordingly, the directors believe that the financial results for the year ended 30 June 2019 will be published by the end of January 2020 and the directors are confident that when published the accounts will show the benefit to shareholders of the acquisitions.
Dealings in the Company's ordinary shares will be temporarily suspended under AIM Rule 40 with effect from 7.30a.m. on 2 January 2020, until such time as the Accounts have been duly published in compliance with AIM Rule 19.
Notwithstanding the temporary suspension of trading in the Company's ordinary shares, the Company will continue to make announcements as and when there are any developments that require disclosure under the AIM Rules. Further announcements will be made as and when appropriate.
-ENDS-
Further information:
Pantheon Resources plc | +44 20 7484 5361 |
Jay Cheatham, CEO | |
Justin Hondris, Director, Finance and Corporate Development
| |
Arden Partners plc (Nominated Adviser and broker) | +44 20 7614 5900 |
Paul Shackleton Daniel Gee-Summons | |
Blytheweigh Financial PR & IR | |
Megan Ray | +44 20 7138 3204 |
For further information on Pantheon Resources plc, see the website at: www.pantheonresources.com
The information contained within this RNS is considered to be inside information prior to its release. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
In accordance with the AIM Rules - Note for Mining and Oil & Gas Companies - June 2009, the information contained in this announcement has been reviewed and signed off by Jay Cheatham, a qualified Chemical & Petroleum Engineer, who has over 40 years' relevant experience within the sector.