TIDMPANR

RNS Number : 4610N

Pantheon Resources PLC

09 August 2017

9 August, 2017

Pantheon Resources plc

Operational Update

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with a working interest in several conventional projects in Tyler and Polk Counties, onshore East Texas, is pleased to provide the following update:

VOBM#2H, Polk County

Pantheon is pleased to confirm that the fracture stimulation procedure ("Frac") on the VOBM#2H well, designed to remediate near wellbore skin damage caused during horizontal and deviated drilling, has been completed.

Initial results indicate that the Frac has been successful, with the well, which is presently in the process of recovering frac water, flowing both gas and oil to surface. The Company cautions however that it is too early to make an accurate assessment as to the ultimate performance of the well until the remaining frac water has been recovered, production tubing installed and flow testing completed.

A workover rig is required to install the production tubing and this procedure and subsequent testing is estimated to take a further three weeks on a trouble free basis. Results will be reported at the conclusion of testing operations.

VOBM#4, Tyler County

The operator has been notified that the mobilisation and delivery of the drilling rig, contracted for the planned sidetrack of the VOBM#4 well is now expected during the second week of September 2017. This is due to the third party currently utilising the rig, requiring it for longer than initially forecast.

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLDGGDICUGBGRI

(END) Dow Jones Newswires

August 09, 2017 02:00 ET (06:00 GMT)

Pantheon Resources (LSE:PANR)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Pantheon Resources Charts.
Pantheon Resources (LSE:PANR)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Pantheon Resources Charts.