Pantheon Resources PLC Operational Update (6967Q)
September 14 2017 - 1:01AM
UK Regulatory
TIDMPANR
RNS Number : 6967Q
Pantheon Resources PLC
14 September 2017
14 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 following the
recent extreme weather in Texas, USA caused by tropical storm
Harvey ("Harvey"):
Tyler County
Pantheon is pleased to announce that early assessments indicate
that our Tyler County locations and roads appear to have come
through Harvey without material enduring damage. The operator,
Vision Operating ("Vision"), has been informed that the drilling
rig contracted for the planned sidetrack of the VOBM#4 well is
estimated to be on location on or about the second week of October
2017. Drilling operations are estimated to take about 30 days on a
trouble-free basis, with testing to follow if warranted.
Polk County
Pantheon's Polk County operations were more impacted by the
extreme rainfall than its Tyler County operations, however we are
pleased to report that workers are now back on location and have
resumed laying the gas sales pipeline from the VOBM#3 pad to the
Gulf South trunk line. The VOBM#3 pad has been constructed large
enough to accommodate the Kinder Morgan gas processing facility,
which is scheduled for installation in October. Early assessments
indicate that our Polk County well locations appear to have been
spared significant damage, requiring relatively straightforward
repair. However, the roads accessing the locations are in need of
essential repair prior to commencing flow testing of the VOBM#2H
well. A further update will be provided once flow testing
operations have been completed.
Vision has also been informed by the Gulf South pipeline
operator that gas sales remain on track to begin in early November,
following planned maintenance works, with receipt of first
production revenues to follow in December.
The timing estimates above are based upon current, limited,
information provided to Vision by various counterparties and should
be considered guidance only and may be subject to change. The
flooding in East Texas resulting from Harvey has been significant
and all levels of the industry have been impacted. In addition to
the obvious damage to infrastructure and roads, many service
personnel are still dealing with serious personal issues arising
from the flooding.
Jay Cheatham, CEO of Pantheon said: "Both Pantheon and Vision
were truly fortunate that our drilling locations have not been
materially impacted by the severe flooding in both Tyler and Polk
Counties, and that our staff and personnel are safe. It's also
great news that the contracted drilling rig for VOBM#4 is estimated
to be on location in early October to commence the sidetrack,
targeting the Wilcox formation which was encountered during
drilling of the main wellbore. We will also commence the 2H
operations as soon as is practical. If gas production into the main
pipeline does begin in November in accordance with the guidance
provided to us, it will be a remarkable outcome for all
shareholders. On a personal level, we extend our sympathies to
Vision employees and third party personnel we rely on who were not
so fortunate. The industry will be dealing with the humanitarian
crisis for some time."
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.
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of that Regulation.
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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