Pantheon Resources PLC Successful conclusion of VOBM#3 drilling (3378N)
25 October 2016 - 5:00PM
UK Regulatory
TIDMPANR
RNS Number : 3378N
Pantheon Resources PLC
25 October 2016
Date: 25 October 2016
Pantheon Resources plc
Successful conclusion of drilling operations at VOBM#3
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with a working interest
(of 50%-58%) in several conventional projects in Tyler and Polk
Counties, onshore East Texas, is pleased to provide the following
information:
Completion of drilling activities, and planned flow testing, at
VOBM#3 well, Polk County, onshore East Texas
Pantheon confirms that the operator has drilled the VOBM#3 well,
Polk County, onshore East Texas, in which it has a 58% working
interest, to total depth of c.14,500 feet and will pursue a
vertical completion. Data from electronic logs indicate the
presence of hydrocarbons in a potentially significant reservoir in
the primary target, the Eagle Ford/Woodbine sandstone. The Board
stresses however that the significance of these results cannot be
accurately assessed until flow testing operations have been
undertaken. Natural gas shows were also encountered when passing
through the Austin Chalk formation.
Drilling operations with this rig have now been completed at
this location and the wellbore is presently being cased. The rig
will now be cleaned and relocated to the next planned location in
Tyler County. A lower cost workover rig will be contracted to
undertake completion and flow testing of VOBM#3. A further update
will be made once the rig is contracted and a more accurate
estimate of timing can be determined. Results will be announced at
the conclusion of testing operations.
Jay Cheatham, CEO of Pantheon, stated,
"I am very pleased with this result for a number of reasons.
Firstly, the VOBM#3 well was drilled on time and on budget,
confirming that in a vertical configuration these wells can be
drilled efficiently. Secondly, we have now drilled four wells in
this programme, all of which have encountered potentially
significant hydrocarbons within the target horizon. Finally, this
latest success means that, once flow testing on VOBM#3 has been
completed, we will be in a position to finalise the gas processing
facility arrangements and bring both VOBM#1 and VOBM#3 onto
production thereafter."
Further information:
+44 20 7484
Pantheon Resources plc 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance
and Corporate Development
Stifel Nicolaus Europe Limited (Nominated +44 20 7710
Adviser and broker) 7600
Callum Stewart
Ashton Clanfield
Nicholas Rhodes
+44 20 3727
FTI Consulting 1000
Ed Westropp
James Styles
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
In accordance with the AIM Rules - Note for Mining and Oil &
Gas Companies - June 2009, the information contained in this
announcement has been reviewed and signed off by Jay Cheatham, a
qualified Chemical & Petroleum Engineer, who has over 40 years'
relevant experience within the sector.
The information contained within this RNS is considered to be
inside information prior to its release.
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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