Pantheon Resources shares drop as interim loss widens

Oil firm Pantheon Resources reports wider loss as revenue dives.

Pantheon Resources shares drop as interim loss widens
Pantheon Resources PANR

Oil and gas company Pantheon Resources (LSE: PANR) saw its share price fall by 6% by lunchtime on Monday after the company reported a wider interim loss alongside a significant drop in revenue.

The company, focused on developing fields in the US, said its pre-tax loss widened to $7.4 million for the six months to December 31st, from $2.3 million the year before. This significant increase in losses comes alongside a 97% plunge in revenue, which fell to $13,393 from $455,309 in the same period.

Despite the financial downturn, Pantheon Resources Chair David Hobbs remained positive, highlighting progress made in other areas. "Pantheon has made great progress during the six months to 31 December 2023 and so far this year on a number of levels," he commented.

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