Last checked at 11 Dec 2017 07:07
11 December, 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 project areas in Tyler and Polk Counties, onshore East Texas, is pleased to provide an update on VOBM#4 logging operations:
VOBM#4 well, Tyler County, 75% working interest
The Company is pleased to report that Schlumberger has now completed logging operations on the VOBM#4 sidetrack well in Tyler County, which was drilled to a depth of 12,050 feet targeting the Wilcox formation. Electric logs have indicated the presence of hydrocarbons in a potentially significant reservoir in the targeted Wilcox formation, confirming natural gas shows encountered during drilling.
Whilst results from logging are highly encouraging, the significance of these results cannot be definitively assessed until flow testing operations have been undertaken. A lower cost workover rig will now be used to complete the well and to undertake flow testing. An update will be given at the conclusion of testing.
-Ends -
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 (or any other website) is incorporated into, or forms part of, this announcement.