........................4 Jun 2018 08:20
Jay Cheatham, CEO, said:
"This is extremely good news for Pantheon shareholders because the analysis concludes that the Eagle Ford sandstone in our West AA prospect is not water saturated, and that the water has likely been introduced from a source below the perforations as a result of the frac. The analysis of the VOBM#5 and other Polk County wells was a very comprehensive undertaking, involving extensive analysis of regional data which took considerable time to complete. The analysis also concluded that 100% of the perforated intervals in our wells were in fact hydrocarbon bearing pay zones and following this analysis the consulting geologist Art Berman has confirmed his assessment of potential P50 Prospective Resource of our project has not changed, remaining at 301mmboe. Certainly, any future fracking operations will be undertaken carefully to avoid possible communication with deeper water sources, but we will carefully consider this in well design and planning, and in this regard I am also pleased to report that Pantheon and the operator have made a concerted effort to improve our future operational capabilities with some key appointments.
"I hope the conclusions of this independent analysis restores shareholder confidence in our play, which Pantheon and the operator are firmly committed to. Our issues have been operational, and we are being vigilant in doing everything possible to minimise such issues going forward."