Pantheon Resources PLC Operational Update (1780S)
29 September 2017 - 4:02PM
UK Regulatory
TIDMPANR
RNS Number : 1780S
Pantheon Resources PLC
29 September 2017
29 September 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, provides the following update:
VOBM#4, Tyler County - wellbore sidetrack
The operator has been notified by the drilling rig company that
due to a force majeure event resulting from tropical storm Harvey,
the rig is now expected to arrive on location on or about 24
October 2017. Once underway, operations are expected to take around
30 to 40 days on a trouble free basis with testing to occur
thereafter. Results will be reported at the conclusion of
testing.
VOBM#2H, Polk County - flow testing operations
The Company is pleased to announce that access roads to the
VOBM#2H well site have been repaired and are now accessible to the
equipment required for testing. A workover rig is now expected to
arrive at location early next week ahead of flow testing
operations. Results will be reported at the conclusion of
testing.
Gas processing facilities, Polk County
The Company is pleased to announce that workers are presently on
location and construction of the Kinder Morgan gas processing
facility is underway at the previously constructed VOBM#3 pad.
Laying of the pipeline from the VOBM#3 pad to the Gulf South
trunkline is now also complete. First gas sales remain on track to
begin in early November 2017, with receipt of first production
revenues to follow in December 2017.
Jay Cheatham, CEO, said:
"I am extremely pleased at the progress of our work following
the severity of flooding in East Texas. I am also pleasantly
surprised to be in a position to have a rig on location next week
on the VOBM#2H well to prepare for flow testing. Operationally,
this well has been a difficult one for us following the
unsuccessful attempt at horizontal drilling in 2016, which left us
with a compromised wellbore which we fracked in an effort to
remediate the near wellbore skin damage caused by the horizontal
and deviated drilling. The well logs on VOBM#2H compare favourably
to the VOBM#1 well and Double A Wells field wells, confirming the
presence of potentially significant hydrocarbons in this well. Our
job will be to maximise production from a sub optimal wellbore
configuration and completion.
"Construction of our gas processing facility is progressing very
well and our pipeline is now laid, setting us up for first
production in November 2017 in line with guidance provided by the
pipeline operator. These are exciting times for our company."
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 (Communications adviser) 1000
Ed Westropp
James Styles
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
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
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