PTHRF - Pantheon Resources plummets after Alaska well suspension

Pantheon Resources (OTCPK:PTHRF) plunges as much as 22% in London after saying it has suspended testing at the Talitha well in Alaska and will move its operational focus to the Theta West well. "Operating in Arctic conditions can be challenging and have caused operational issues which have impacted the testing" of the shelf margin deltaic horizon, the oil and gas driller said. The well update was a "mixed bag of news," Canaccord Genuity analyst Charlie Sharp told Bloomberg, as suspension of testing at the Talitha well was "disappointing" but successful remedial work on Theta West was "positive." Pantheon Resources has emerged as an Alaska North Slope pure play in the past two years, and is "arguably the most undervalued onshore conventional oil play," Laurentian Research wrote in a bullish analysis posted six months ago on Seeking Alpha.

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Pantheon Resources plummets after Alaska well suspension