The volume of news - not all of it positive - which has flowed from Pantheon Resources (PANR) since the summer renders final results for the year to June somewhat redundant. But even fast-moving Texan oil prospectors must comply with reporting rules and keep the market abreast of events. The 6 per cent share price jump, which greeted these preliminaries, suggests investors might once more be warming to the Alternative Investment Market (Aim)-traded driller's promises.
Optimism is likely to remain a scarce commodity, after flows from the VOS#1 well, together with the suspension of the VOBM#2 horizontal well, resulted in September's sharp sell-off. The good news is that management now expects production and cash flow from Polk County in the spring, though details on gas processing arrangements will not be finalised until flow testing at the VOBM#3 well is completed. Whether the company ties into an existing gas facility or builds its own, Pantheon is confident that combined operating and capital expenditure will be around $5 a barrel of oil equivalent.
Prior to these results, Panmure Gordon was forecasting adjusted pre-tax profits of £19.6m and EPS of 8.7p in the year to June 2017, rising to £64.1m and 26.5p.
PANTHEON RESOURCES (PANR) | ||||
|---|---|---|---|---|
| ORD PRICE: | 99p | MARKET VALUE: | £213m | |
| TOUCH: | 98.8-99p | 12-MONTH HIGH: | 188p | LOW: 69p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 22p | NET CASH: | £17.9m | |
| Year to 30 Jun | Turnover £'000 | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012 | nil | -0.70 | -0.69 | nil |
| 2013 | 7.54 | -0.70 | -0.69 | nil |
| 2014 | 5.38 | -0.74 | -0.72 | nil |
| 2015 | 3.39 | -1.15 | -0.67 | nil |
| 2016 | 0.39 | -0.92 | -0.46 | nil |
| % change | -89 | - | - | - |
Ex-div: na Payment: na | ||||
