Pantheon Resources (LSE:PANR)
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RNS Number : 7181F

Pantheon Resources PLC

23 February 2018

23 February 2018

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 the following operational update:

VOBM#1, Polk County, 55.1% working interest

A fracture stimulation ("frac") team has been contracted to perform a frac treatment on the VOBM#1 well and subject to weather conditions, operations are anticipated to commence this coming weekend. The frac is designed to remediate the (previously announced) obstruction and skin damage present in the wellbore which was believed to have been caused as a consequence of the well having been shut in for over 18 months, as well as the effects of migrating formation sand. Results will be reported at the conclusion of frac and testing operations.

VOBM#5, Polk County, 75% working interest

Operations on VOBM#5 are proceeding well and without issue. Should VOBM#5 data indicate that flow testing is warranted, it is likely the operator will proactively frac the well prior to flow testing in order to minimise the impact of skin damage that was experienced in VOBM#1. Accordingly, a further announcement will be made when a frac crew is contracted, should a decision be made to frac the well. In a success case, work will commence immediately to bring the well onstream by connecting the VOBM#5 well to the nearby VOBM#1 gas flow line.

VOBM#4, Tyler County, 75% working interest

VOBM#4 has been perforated in the uppermost Wilcox. Operations are suspended with a workover rig on site, as the well site is completely under water from recent heavy rainfall. The Company will provide a further update once operations have resumed and testing is completed.

Jay Cheatham, CEO, said:

"I very much look forward to the frac of VOBM#1 which aims to remediate the known blockages in that well and to ramp up production into the Polk County gas plant. A good result will have very positive ramifications for our play. We were very fortunate to secure the frac crew at short notice, however the slot available was not long enough to allow us to frac both the VOBM#1 & #4 wells back to back as we had hoped. Unfortunately the recent heavy rainfall has forced suspension of our testing/completion of the #4 well. If warranted we will endeavour to frac wells #4 and #5 back to back."

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

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 23, 2018 02:00 ET (07:00 GMT)