Pantheon Resources is an AIM-listed East Texas conventional oil and gas exploration company which has started to produce both oil and gas. This London South East interview is with veteran oil man Jay Cheatham, CEO of Pantheon.
The RNS announcement this morning 9.04.2018 focused on well VOBM#5 which has encountered difficulties where none were expected. In short, it's too early to tell how serious this might be, and the company are busy thawing the gas/water and will then study the well and the logs to discover what has gone wrong. A new expert is being brought in and this is the current operational priority. Well VOBM#1's casing has had problems and may have to be drilled or sidetracked at a further cost of $3M.
Jay Cheatham is adamant that the water problems are a one-off and do not affect the longet-term profitability or productivity of the East Texas acreage and he continues to be confident a 'full value exit' may be as much as £3 to £8 per share.
Pantheon Res (PANR)