Last checked at 30 Aug 2017 07:00
30 August 2017
Pantheon Resources plc
Operational Update
Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with a working interest in several conventional projects in Tyler and Polk Counties, onshore East Texas, is providing an operational update following the sustained period of extreme weather in Texas, USA.
The tropical storm Harvey has impacted all of south and south east Texas. Rainfall in some areas has exceeded 40 inches. As of 29 August 2017, the rain continues and current meteorological models predict that the storm will be travelling north across Tyler and Polk Counties over the next few days. All of our operations were suspended in advance of the storm and the locations are secure. We have no information indicating that any of the wellheads or associated facilities have been compromised by high water levels, however the human resource needed on site to continue operations have been impacted by conditions.
It is likely to be early September 2017, until we can assess any damage to the locations and roads. Operations on VOBM#2H, where we have recovered all frac load fluid and are awaiting completion and production equipment, will be delayed. The arrival of the drilling rig for the VOBM#4 side-track is also anticipated to be delayed beyond the second week in September 2017 given weather conditions and the delay at its current (third party) location. We will issue a further update as more information is made available.
Further information:
Pantheon Resources plc | +44 20 7484 5361 |
Jay Cheatham, CEO | |
Justin Hondris, Director, Finance and Corporate Development | |
Stifel Nicolaus Europe Limited (Nominated Adviser and broker) | +44 20 7710 7600 |
Callum Stewart | |
Ashton Clanfield | |
Nicholas Rhodes | |
FTI Consulting | +44 20 3727 1000 |
Ed Westropp | |
James Styles |
For further information on Pantheon Resources plc, see the website at: www.pantheonresources.com
In accordance with the AIM Rules - Note for Mining and Oil & Gas Companies - June 2009, the information contained in this announcement has been reviewed and signed off by Jay Cheatham, a qualified Chemical & Petroleum Engineer, who has over 40 years' relevant experience within the sector.
The information contained within this RNS is considered to be inside information prior to its release.
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website