Pantheon Resources down as results disappoint

AIM-listed explorer Pantheon Resources (LON:PANR) saw its share price slump by 11.62% to 32.70p (as of 15:30 GMT) after posting results for the year ended 30th June 2020. Revenues were lower than in the previous period and the company booked a $17 million loss for the year as the company focused its interest on Alaskan assets and looked to exit those in Texas.

CEO Jay Cheatham commented: “Despite the well documented challenges of COVID on the oil and gas sector globally, Pantheon had a period of great achievement. We’ve now commenced drilling of Talitha, which if successful will significantly change our Company. At the same time, our other projects, in particular Theta West, continue to grow in quality, size and scale. We enter 2021 with great optimism”.