Pantheon Resources PLC Operational Update (9185X)

TIDMPANR

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:

 
                                              [phone] 
 Pantheon Resources plc                        5361 
 Jay Cheatham, CEO 
 Justin Hondris, Director, Finance 
  and Corporate Development 
 
 Stifel Nicolaus Europe Limited (Nominated    [phone] 
  Adviser and broker)                          7600 
 Callum Stewart 
 Ashton Clanfield 
 Nicholas Rhodes 
 
                                              [phone] 
 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.

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

(END) Dow Jones Newswires

November 30, 2017 02:01 ET (07:01 GMT)