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Pantheon Resources swings to profit following Alaska acquisition

By BFN News | 01:52 PM | Tuesday 25 February, 2020


Oil company Pantheon Resources swung to a full-year profit after it booked a gain on the purchase of the Great Bear prospect in Alaska, which offset writedowns in Texas. Pre-tax profit for the year through June amounted to $16.7m, compared to losses of $8.8m on-year, and included a 'gain on bargain purchase' of Great Bear. Operating losses, however, deepened to $55.3m owing to exploration and asset writedowns. Revenue fell to $0.72m, down from $1.01m. Pantheon said a process to sell down a part stake in Alsaka was 'well underway'. 'Pantheon's intention is to secure a farmout partner in order to begin drilling this year with first production shortly thereafter, as the oil field is located immediately under the Trans Alaska Pipeline,' it said. Story provided by StockMarketWire.com

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