Pantheon Resources PLC AGM Statement (0726S)
December 16 2016 - 4:49AM
UK Regulatory
TIDMPANR
RNS Number : 0726S
Pantheon Resources PLC
16 December 2016
16 December, 2016
Pantheon Resources plc
AGM Statement
Pantheon Resources plc ("Pantheon" or the "Company"), the
AIM-quoted oil and gas exploration and development company with a
working interest (of 50% - 58%) in several conventional projects
located in Tyler & Polk Counties, onshore East Texas, will hold
its Annual General Meeting ("AGM") this morning at 10.00am at the
offices of FTI Consulting at 200 Aldersgate Street, London, EC1A
4HD.
At the AGM Jay Cheatham, CEO, will give a presentation and
operational update on the Company, which will include the following
information:
VOBM#3
Following the Operational Update on the 29 November 2016,
management and the operator are pleased to confirm that VOBM#3 is
considered to be a commercial well. Initial production during flow
testing ranged from 274 to 740 boepd. The well has been shut in
temporarily, and will be flowed directly into the processing
facility and pipeline. This will enable the working interest
partners to evaluate the well performance while benefiting from
selling the produced hydrocarbons alongside production from the
VOBM#1 well and the pending VOBM#2 sidetrack, if successful.
VOBM#4
Casing has been set at c.14,300 feet and drilling continues
below that depth. Drilling is expected to be completed in the new
year and a further update will be given once drilling is
complete.
Gas Processing
The Company continues to progress discussions on selecting the
most appropriate gas processing strategy. As previously disclosed
the Company is exploring three options:
-- Tie into existing infrastructure and nearby gas plants;
-- Build its own skid mounted processing unit; or
-- Contract a third party to build and operate a processing
facility on its acreage, under a take or pay agreement.
Discussions are ongoing around which option to pursue and an
update will be provided as and when a decision is made, with first
production targeted for Spring 2017.
A copy of the AGM presentation will be posted to the company's
website at www.pantheonresources.com
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
James Styles
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com
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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