Pantheon Resources PLC Operational Update (8237L)
July 24 2017 - 1:00AM
UK Regulatory
TIDMPANR
RNS Number : 8237L
Pantheon Resources PLC
24 July 2017
24 July, 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
of 50%-58% in several conventional projects in Tyler and Polk
Counties, onshore East Texas, is pleased to provide the following
information:
VOBM#2H - Frac date confirmed
The operator has signed a service agreement for the planned
fracture stimulation treatment ("Frac") on the VOBM#2H well in Polk
County. Equipment is expected to be on location on or about 4
August, 2017 in order to complete the Frac. The Company's recently
appointed technical consultants, Sierra Hamilton, are working
closely with the operator to design the optimum Frac treatment, to
remediate the near wellbore damage caused during horizontal and
deviated drilling of the VOBM#2H well. Well logs over the Eagle
Ford sandstone in this location compare favourably with the higher
quality well logs from the Double A Wells field, and to our own
VOBM#1 well. Frac and testing procedures are expected to take 2-3
weeks on a trouble free basis. Results will be reported at the
conclusion of testing operations.
VOBM#4 - wellbore sidetrack
The Company is pleased to announce that it has agreed terms with
Energy Drilling Co., for drilling of the sidetrack at the VOBM#4
well in Tyler County. Mobilization is estimated to commence in the
last week of August. Operations are expected to take +/-30-40 days
on a trouble free basis with testing to occur thereafter. Results
will be reported at the conclusion of testing operations.
Jay Cheatham, CEO, said:
"We are very pleased to announce these updates on VOBM#2H and
VOBM#4, which, along with the previously announced contract with
Kinder Morgan for a 15 million cubic feet per day gas processing
facility in Polk County, provides further clarity of the near term
value upside opportunity for shareholders. The Frac on VOBM#2H is a
relatively small procedure and is designed to penetrate the
wellbore damage. The sidetrack on VOBM#4 will present a clean
wellbore unencumbered by surplus cement, allowing us to test the
Wilcox formation, which flowed hydrocarbons during drilling of the
original well and showed an excellent log response."
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
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