Pantheon Resources PLC Spudding of VOBM#4 Well (9601N)
November 01 2016 - 4:05AM
UK Regulatory
TIDMPANR
RNS Number : 9601N
Pantheon Resources PLC
01 November 2016
1 November, 2016
Pantheon Resources plc
Spudding of VOBM#4 well, Tyler County
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with a working interest
(of 50%-58%) in several conventional projects in Tyler and Polk
Counties, onshore East Texas, is pleased to provide the following
information:
Spudding of VOBM#4 Well, Tyler County, onshore East Texas
Pantheon is pleased to announce that the Nabors F12 rig has
spudded the VOBM#4 well, onshore Tyler County, in which Pantheon
has a 50% working interest. The VOBM#4 well is a large step out
exploration/appraisal well from the VOS#1 discovery well and will
be drilled vertically to a depth of circa 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.
Drilling operations are expected to take approximately 60-65
days on a trouble free basis and results from the well will be
announced when drilling, and if appropriate, testing operations are
complete.
Update on VOBM#3 Well, Polk County, onshore East Texas
A workover rig has been contracted for the planned flow testing
of the VOBM#3 well, in which Pantheon has a 58% working interest,
and preparations for testing operations are estimated to commence
in approximately 10 to 14 days. Results will be announced once
testing operations are complete.
Jay Cheatham, CEO, stated,
"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."
-Ends-
Further information:
+44 20 7484
Pantheon Resources plc 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance
and Corporate Development
Stifel Nicolaus Europe Limited (Nominated +44 20 7710
Adviser and broker) 7600
Callum Stewart
Ashton Clanfield
Nicholas Rhodes
+44 20 3727
FTI Consulting 1000
Ed Westropp
Shannon Brushe
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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