Pantheon Resources PLC AGM Statement (4956Z)
December 15 2017 - 5:00AM
UK Regulatory
TIDMPANR
RNS Number : 4956Z
Pantheon Resources PLC
15 December 2017
15 December, 2017
Pantheon Resources plc
AGM Statement
Pantheon Resources plc ("Pantheon" or the "Company"), the
AIM-quoted oil and gas exploration and production company with a
working interest in several conventional project areas 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#4 Well, Tyler County, 75% Working Interest
Following the Operational Update on the 11 December 2017, the
Company confirms that three separate hydrocarbon bearing Wilcox
zones were encountered during drilling, analogous to the Tyler
County Jazz Field wells. Each of these zones will be isolated and
tested individually and thus the test will be undertaken for a
longer duration than with previous wells. Additionally, there may
be a requirement to conduct a fracture stimulation of one of the
three zones, consistent with analog wells in the Jazz Field. The
Company will provide an update at the conclusion of testing.
Polk County Gas Processing
Commissioning of the Kinder Morgan gas processing facility is
progressing as planned and production will be ramped-up from the
VOBM#1 and VOBM#3 wells gradually. Production from the VOBM#2H well
is due to come on stream shortly after clean-up of the VOBM#1 and
VOBM#3 wells. Production is currently in line with that stated in
prior announcements.
2018 Drilling Plans
The Company is still formulating its drilling programme for
2018, but confirms it intends to drill up to six wells across its
Polk and Tyler County acreage. The drilling programme will focus on
proving up and testing the Company's discoveries in the Eagle Ford
Sandstone formation, encountered in Polk County and testing the
Wilcox formation discoveries, and drilling for the Eagle Ford
Sandstone, in Tyler County.
The first well of the 2018 campaign will be a vertical well
targeting the Eagle Ford sandstone, the VOBM#5 well, in the West
Double A Wells Field Prospect in Polk County. This well will be a
development well offsetting the VOBM#1 well.
A Unit Petroleum rig is expected to spud the VOBM#5 well in
early January 2018; the Company anticipates funding its drilling
programme from existing cash resources and cashflow from
production.
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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