Oil and gas firm Pantheon Resources says it is in a "strong position" to take advantage of four new discoveries from four exploration wells in east Texas.

The company posted a loss before tax of £0.68m ($0.85m) for the six months ended 31 December, compared to a loss of £0.44m in the same period a year earlier.

Pantheon said it remained on track to begin first production at two newly discovered hydrocarbon bearing zones in Tyler County – Wilcox and Navarro.

A separate oil discovery was also made at Eagle Ford Sandstone in Polk County.

"The drilling programme has confirmed that the Eagle Ford sandstone and potentially the Wilcox reservoirs both promise highly attractive, low cost, quick payback production," Pantheon said in a statement.

"Should the Wilcox prove successful, we have identified significant scope for additional Wilcox wells on our acreage."

The firm's chief executive, Jay Cheatham, said: "2017 is set to be another significant period for the business and with the results of two flow tests and commencement of first production and sales expected in the near term, Pantheon remains in a strong position to build upon its significant geological achievements."