LONDON (Alliance News) - Oil & gas exploration company Pantheon Resources PLC on Tuesday said the Nabors F12 rig has spudded the VOBM#4 well onshore Tyler County, east Texas.
Pantheon has a 50% working interest in the project. The VOBM#4 well will be drilled vertically to a depth of around 15,500 feet, targeting the Eagle Ford/Woodbine sandstone formation.
The well location will test how far the reservoir discovered at the VOS#1 discovery well extends, and is based upon 2D seismic interpretation and proprietary geological and geophysical modelling, Pantheon said.
Drilling operations are expected to take approximately 60 to 65 days.
Meanwhile, a workover rig has been contracted for planned flow testing of the VOBM#3 well, in which Pantheon has a 58% working interest. Preparations for testing operations are estimated to commence in approximately 10 to 14 days.
"The VOBM#4 well is an exciting high-impact well for us. Because it is such a large step out from the original discovery, it is by definition the highest risk well we have drilled so far. If successful however, it could bring commensurately higher rewards by enabling us to map, delineate and potentially expand the areal extent of the reservoir across Pantheon's acreage," Chief Executive Jay Cheatham said in a statement.
Shares in Pantheon were trading down 0.3% at 97.25 pence on Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Pantheon Resources plc (PANR)