Pantheon Resources PLC Operational Update (9185X)
30 November 2017 - 6:01PM
UK Regulatory
TIDMPANR
RNS Number : 9185X
Pantheon Resources PLC
30 November 2017
30 November, 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
information:
VOBM#4 well, Tyler County, 75% working interest
The Company is pleased to announce that the VOBM#4 well has
reached target depth of 12,050 feet, having encountered the Wilcox
horizon as targeted. The wellbore is currently being prepared for
logging operations, which are anticipated to take place over the
coming days. The Company will make a further announcement at the
conclusion of logging operations.
Polk County, gas processing facility
The Company is pleased to announce that Kinder Morgan has now
completed the initial commissioning phase of the gas processing
facility, which is running smoothly and trouble free. The wells are
currently in the 'clean up' phase, producing drilling mud and
debris through a narrow choke. Production volumes during this phase
from the VOBM#1 and VOBM#3 wells are averaging approximately 5
mmcf/d through a restricted choke. The operator has conservatively
restricted production rates whilst the wells are cleaning up and
will progressively increase production volumes, including
commencement of test volumes from VOBM#2H, when appropriate.
Jay Cheatham, CEO, said:
"I am pleased to have reached target depth in VOBM#4. As we have
previously stated, the Wilcox has been a welcomed bonus for us,
with great potential should it be successful, particularly given
our 75% working interest in the well. The gas facility is
progressing in line with expectations. As the wells clean up the
current
restricted production rates should increase significantly going forward"
-Ends -
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.
Glossary
mmcf/d million cubic feet per day
This information is provided by RNS
The company news service from the London Stock Exchange
END
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