Pantheon Resources PLC Operational Update (2522T)
11 October 2017 - 5:00PM
UK Regulatory
TIDMPANR
RNS Number : 2522T
Pantheon Resources PLC
11 October 2017
11 October 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#3, Polk County - successful flow testing operations
The Company is pleased to announce that the operator has
utilized the testing equipment booked for the VOBM#2H well to
retest the VOBM#3 well ahead of connection to the gas processing
facility. At the end of the test period, the VOBM#3 well flowed at
a stabilized rate of c.1,900 mcfpd and 130 bopd at a flowing tubing
pressure of 4,000 psi on a 10/64ths choke. This equates to 446
boepd which is in the middle of the 270-740 boepd range reported
last November.
VOBM#2H, Polk County - flow testing operations
The workover rig has arrived on location and the packer and
tubing have been set prior to testing operations being undertaken
this week. Given the previously disclosed issues with the
suboptimal VOBM#2H well bore configuration, an extended test may be
conducted in order to optimise production. Results will be provided
on conclusion of testing.
VOBM#4, Tyler County - wellbore sidetrack
The Company is pleased to confirm that the rig remains on
schedule for arrival on location on or about 24 October 2017 for
the planned sidetrack procedure. 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.
Gas processing facilities, Polk County
All necessary components for the Kinder Morgan gas processing
facility are now on location and assembly is progressing well.
First gas sales remain on track to commence in early November 2017,
with receipt of first production revenues to follow in December
2017. Images showing construction of the facility can be found in
the image gallery on the Company's website at
www.pantheonresources.com.
Jay Cheatham, CEO, said:
"I am very pleased with the flow rates from the VOBM#3 well in
Polk County, particularly because they remained steady across the
production test, unlike during testing in November last year when
they were highly variable. This is a positive sign.
"Most wells in the Double A Wells Field were produced on a much
larger choke size than 10/64ths, and I would expect to see higher
production rates from the VOBM#3 well once the gas processing
facility is operational. Construction of the Kinder Morgan gas
processing facility is on schedule for anticipated first production
in early November. The commencement of first production and the
receipt of production revenues shortly thereafter will be a major
milestone for Pantheon.
"We know that the bends and curves in the VOBM#2H well bore,
arising from horizontal drilling issues, are sub optimal for
completions and production. However, the well logs are exceptional
and the well location, between VOBM#1 and VOBM#3, both of which
will be producers, give us confidence that the well location has
great potential. Our challenge now is to optimise flow rates given
these factors. We will likely complete an extended test and I look
forward to providing an update once testing has completed."
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
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
Glossary
boepd barrels of oil equivalent per day
bopd barrels of oil per day
mcfpd thousand cubic feet of gas per day
psi pounds per square inch
This information is provided by RNS
The company news service from the London Stock Exchange
END
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