Hurricane Harvey halts Pantheon Resources operations in eastern Texas

AIM-listed oil and gas exploration company, Pantheon Resources said Hurricane Harvey would damage its operations in East Texas, but to what extent the tropical storm would impact its ability to operate would likely not be known until early September.

Rainfall as a result of Harvey exceeded 40 inches in certain parts of Southeast Texas.

As the rain continued to fall on 30 August, the Hurricane was expected to move away from the Gulf of Mexico towards Alabama and Louisiana, passing over Tyler and Polk Counties where Pantheon operates several conventional projects.

All operations were suspended by Pantheon as all its facilities were secured and all previously mined materials were removed from storage locations in the area.

Rigs for use in future projects were delayed in arrival to drill sites due to the inclement weather conditions.

As of 1230 BST, shares had seen a slight dip, down 2.50% to 44.00p.