StockMarketWire.com - Texas-focused oil and gas explorer Pantheon Resources reported a deeper annual loss after it booked a hefty impairment charge.

The company also launched a share issue to raise $16m to help fund the acquisition of new prospects in Alaska.

Pre-tax losses for the year through June amounted to $8.8m, deepening substantially from a $1.7m loss reported on-year.

'2018 was exceptionally challenging operationally,' the company said.

Pantheon booked a $6.8m impairment charge associated with costs related to the unsuccessful VOBM#4 well.

It also said it had agreed to acquire two wholly-owned companies from Great Bear Petroleum and associated funds, with main assets comprising rights to explore for hydrocarbons in Alaska.

New shares in the company would be issued at 'no less than 15.25p' each.

The purchase consideration for the Great Bear companies valued the assets at around $49m, being around 49% of the value of the combined entities, pre capital raising, Pantheon said.

At 8:15am: [LON:PANR] Pantheon Resources PLC share price was -1.25p at 16.25p



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