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Pin to quick picksPantheon Res Regulatory News (PANR)

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Operational Update

30 Nov 2017 07:00

RNS Number : 9185X
Pantheon Resources PLC
30 November 2017
 

 

30 November, 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 pleased to provide the following information:

 

VOBM#4 well, Tyler County, 75% working interest

The Company is pleased to announce that the VOBM#4 well has reached target depth of 12,050 feet, having encountered the Wilcox horizon as targeted. The wellbore is currently being prepared for logging operations, which are anticipated to take place over the coming days. The Company will make a further announcement at the conclusion of logging operations.

 

Polk County, gas processing facility

The Company is pleased to announce that Kinder Morgan has now completed the initial commissioning phase of the gas processing facility, which is running smoothly and trouble free. The wells are currently in the 'clean up' phase, producing drilling mud and debris through a narrow choke. Production volumes during this phase from the VOBM#1 and VOBM#3 wells are averaging approximately 5 mmcf/d through a restricted choke. The operator has conservatively restricted production rates whilst the wells are cleaning up and will progressively increase production volumes, including commencement of test volumes from VOBM#2H, when appropriate.

 

Jay Cheatham, CEO, said:

"I am pleased to have reached target depth in VOBM#4. As we have previously stated, the Wilcox has been a welcomed bonus for us, with great potential should it be successful, particularly given our 75% working interest in the well. The gas facility is progressing in line with expectations. As the wells clean up the current restricted production rates should increase significantly going forward"

 

-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.

 

Glossary

 

mmcf/d  million cubic feet per day

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
UPDDDBDBCSDBGRC
Date   Source Headline
1st Jun 20167:00 amRNSUpdate on VOS#1 Well
17th May 20167:00 amRNSOperational Update
25th Apr 20167:00 amRNSOperational Update
30th Mar 20167:00 amRNSInterim Results
9th Mar 20167:00 amRNSResult of Placing
8th Mar 20164:45 pmRNSProposed Placing
29th Feb 20167:00 amRNSOperational Update
22nd Jan 20167:00 amRNSTesting and Production Update
12th Jan 20167:00 amRNSVOS#1 Well - Testing Update
15th Dec 20156:07 pmRNSResult of AGM
15th Dec 201510:00 amRNSAGM Statement
3rd Dec 20157:00 amRNSCompletion of Drilling on VOS#1 Well
20th Nov 20157:00 amRNSAnnual Financial Report
28th Oct 20157:00 amRNSCompletion of Testing at VOBM#1 Well
22nd Oct 20157:00 amRNSOperational Update
8th Oct 20157:00 amRNSCommencement of testing operations
9th Sep 20157:00 amRNSDrilling Update
28th Jul 20157:00 amRNSSpudding of VOBM#1 well
16th Jul 20157:00 amRNSDrill Site and Roadworks Complete
3rd Jun 20151:32 pmRNSHolding(s) in Company
1st Jun 20157:00 amRNSUpdated Corporate Presentation
7th May 20157:00 amRNSDrilling Rig Contracted
30th Mar 20157:00 amRNSHalf Yearly Report
25th Mar 20157:07 amRNSOperational Update
2nd Mar 20158:58 amRNSChange of Nominated Adviser
29th Dec 201412:17 pmRNSResult of AGM
15th Dec 20143:45 pmRNSHolding(s) in Company
15th Dec 20147:00 amRNSDirector/PDMR Shareholding
4th Dec 20143:00 pmRNSNotice of AGM
2nd Dec 20147:30 amRNSFinal Results
19th Nov 20147:00 amRNSCompany Update
3rd Nov 20148:58 amRNSHolding(s) in Company
27th Oct 20145:55 pmRNSHolding(s) in Company
23rd Oct 20144:06 pmRNSHolding(s) in Company
22nd Oct 20145:10 pmRNSHolding(s) in Company
21st Oct 20145:43 pmRNSHolding(s) in Company
21st Oct 20143:15 pmRNSTotal Voting Rights
16th Oct 201411:04 amRNSResult of General Meeting
10th Oct 201412:00 pmRNSSuccessful Acquisition of Key Leases
7th Oct 201412:45 pmRNSHolding(s) in Company
7th Oct 201412:30 pmRNSHolding(s) in Company
7th Oct 201411:15 amRNSHolding(s) in Company
6th Oct 20145:41 pmRNSHolding(s) in Company
2nd Oct 20143:25 pmRNSTotal Voting Rights
1st Oct 20141:21 pmRNSPosting of Circular
30th Sep 20149:45 amRNSIssue of Share Options
30th Sep 20147:03 amRNSPlacing of Shares & Revised Joint Venture
14th Apr 20147:00 amRNSDirector/PDMR Shareholding
31st Mar 20147:00 amRNSHalf Yearly Report
13th Dec 201311:53 amRNSResult of AGM

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