LONDON (Alliance News) - Oil & gas exploration firm Pantheon Resources PLC said Friday flowing operations at its onshore Texas had now begun after the well and processing system were hooked up amid poor weather.
The firm explained the pipeline between its VOS#1 well in Tyler County, East Texas and its enterprise gathering and processing system had now been hooked up with flowing operations having begin.
Pantheon intends to bring the well online "slowly", however, in order to "allow it to gradually clean up as a result of its prolonged shut-in period". The firm will report flow rates in due course.
"Despite the ongoing rain and localised flooding in the area, the crews worked overtime under poor conditions to complete the tie in," Pantheon Chief Executive Officer Jay Cheatham said. "I am very pleased that we should benefit from strong natural gas prices as we head into the winter heating season and look forward to announcing the stabilised flow rates".
Shares in Pantheon were 4.4% higher at 16.70 pence on Friday.
Pantheon Resources plc (PANR)