Pantheon Resources PLC Operational Update (7181F)
23 February 2018 - 6:00PM
UK Regulatory
TIDMPANR
RNS Number : 7181F
Pantheon Resources PLC
23 February 2018
23 February 2018
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 project areas in Tyler and Polk Counties,
onshore East Texas, is pleased to provide the following operational
update:
VOBM#1, Polk County, 55.1% working interest
A fracture stimulation ("frac") team has been contracted to
perform a frac treatment on the VOBM#1 well and subject to weather
conditions, operations are anticipated to commence this coming
weekend. The frac is designed to remediate the (previously
announced) obstruction and skin damage present in the wellbore
which was believed to have been caused as a consequence of the well
having been shut in for over 18 months, as well as the effects of
migrating formation sand. Results will be reported at the
conclusion of frac and testing operations.
VOBM#5, Polk County, 75% working interest
Operations on VOBM#5 are proceeding well and without issue.
Should VOBM#5 data indicate that flow testing is warranted, it is
likely the operator will proactively frac the well prior to flow
testing in order to minimise the impact of skin damage that was
experienced in VOBM#1. Accordingly, a further announcement will be
made when a frac crew is contracted, should a decision be made to
frac the well. In a success case, work will commence immediately to
bring the well onstream by connecting the VOBM#5 well to the nearby
VOBM#1 gas flow line.
VOBM#4, Tyler County, 75% working interest
VOBM#4 has been perforated in the uppermost Wilcox. Operations
are suspended with a workover rig on site, as the well site is
completely under water from recent heavy rainfall. The Company will
provide a further update once operations have resumed and testing
is completed.
Jay Cheatham, CEO, said:
"I very much look forward to the frac of VOBM#1 which aims to
remediate the known blockages in that well and to ramp up
production into the Polk County gas plant. A good result will have
very positive ramifications for our play. We were very fortunate to
secure the frac crew at short notice, however the slot available
was not long enough to allow us to frac both the VOBM#1 & #4
wells back to back as we had hoped. Unfortunately the recent heavy
rainfall has forced suspension of our testing/completion of the #4
well. If warranted we will endeavour to frac wells #4 and #5 back
to back."
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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