StockMarketWire.com - Oil company Pantheon Resources booked a deeper first-half loss as it continued to develop prospects in Alaska after aborting work in Texas.

Pre-tax losses for the six months through December amounted to £4.1 million, compared to year-on-year losses of £1.8 million.

Pantheon Resources said testing operations were underway on the Talitha well, for which drilling had commenced in January.

'The strengthening of our lease position has been extraordinary and puts us in a fantastic position for the future, securing what we believe to be an exceptional acreage portfolio,' chief executive Jay Cheatham said.

'We have drilled the Talitha #A well and have encountered five zones, all of which were hydrocarbon bearing and warrant testing.'

'We are presently undertaking testing operations at the deepest of these horizons, the Kuparuk, where we have encountered higher than expected reservoir pressure which is very good news.'

'This along with the exceptionally light oil we have collected as samples during circulating gives us optimism, however, as always we caution that we cannot draw any definitive concusions until testing operations have been completed.'

'Since the pressures exceeded our predrill estimates, we are proceeding cautiously with all well bore and testing operations and will report results to shareholders once available.'


At 9:16am: [LON:PANR] Pantheon Resources PLC share price was 0p at 40p



Story provided by StockMarketWire.com