Pantheon Resources plc Share News (PANR)

LONDON (Alliance News) - Pantheon Resources PLC on Friday said it appointed Eric Van Oort as a technical consultant to work on its Tyler and Polk Counties projects in the US state of Texas.

The oil & gas explorer said Van Oort is the Lancaster Professor of Petroleum & Geosystems Engineering at the University of Texas. Prior to that, he held a variety of senior roles at Royal Dutch Shell PLC and was involved in well construction and well performance optimisation works.

Pantheon said it expects the appointment to further bolster the technical resources within the company.

Meanwhile, in Tyler County, Pantheon said it begun the advanced work to clear trees from the way of the pipeline. Guidance on timing for completion of the gathering line connecting VOS 1 well to the nearby Enterprise pipeline has not changed with first production targeted for mid-October.

Looking forward, the company said it is in talks with the estate of Bobby Gray, who died in June, to increase its working interest in the Tyler and Polk Counties projects to 100% and thereby assume full control and operatorship of the asset.

Gray was head of Pantheon's working interest partner & Texas projects operator Vision Resources LLC.

In parallel, the company said it is in discussions with a view to concluding a farm-out of its Polk and Tyler Counties assets. The objective for the farm-in partner is providing funding for drilling operations in exchange for a working interest in the project.

"I am truly delighted Pantheon has attracted an industry expert of the calibre of Eric van Oort," said Chief Executive Jay Cheatham.

"In securing his services as a consultant to the company, I have no doubt he will bring his widely recognised expertise to bear as our project in east Texas advances," Cheatham continued.

"Pantheon is negotiating with a number of different parties to secure the future success of our project in East Texas and to unlock the potential value of our asset for all shareholders."

Shares in Pantheon were trading 1.0% higher early on Friday at 16.78 pence each.