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Current disclosures in Pantheon Resources, 1 currently shorting.
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Posts: 262
Opinion: No Opinion
Posted: December 21, 2017
RNS Number : 0051A
Pantheon Resources PLC
21 December 2017
21 December, 2017
Pantheon Resources plc
Increase in working interest to 75% of the VOBM#5 well, Polk County
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 is pleased to provide the following update:
VOBM#5 Well, Polk County, Increase in working interest from 58% to 75%
Pantheon is pleased to announce the acquisition of an additional 17% working interest in the upcoming VOBM#5 development well, and the surrounding 320 acre unit, in Polk County, East Texas. Upon completion of the acquisition Pantheon's working interest in the VOBM#5 well and unit will increase from 58% to 75%.
Purchase consideration for the additional 17% working interest will comprise an additional pro-rata 17% share of drilling and completion costs. No premium is being paid for this increased working interest.
VOBM#5 will be the first well of the 2018 campaign and will be a vertical well targeting the Eagle Ford sandstone and is considered by the operator to be a development well offsetting the VOBM#1 well. Spudding of the VOBM#5 well remains on track to occur by early January 2018; the drilling programme is fully funded from existing cash resources and anticipated production cashflow.
Jay Cheatham, CEO, said:
"This is a superb opportunity for Pantheon and the least expensive way to acquire potential reserves by drilling a development well and paying no back costs or promote. The location immediately west and south of the VOBM#1 production well offers the real possibility of exceeding a P50 well. The principal at Vision will have a 25% interest which is some 50% above his attributable interest when Kaiser Francis Oil Company was his 2/3 partner."
Posts: 262
Opinion: No Opinion
Posted: December 15, 2017
Pantheon Resources Plans Up To Six Wells For Drilling In 2018
LONDON (Alliance News) - Pantheon Resources PLC said in a statement ahead of its annual general meeting Friday that it plans to drill up to six wells across its Polk and Tyler County acreage in the US next year, although it is still formulating its drilling programme for 2018.
At its VOBM No. 4 well in Tyler County, it confirmed that three separate hydrocarbon bearing Wilcox zones were encountered during drilling, analogous to the Tyler County Jazz Field wells.
Commissioning of its Kinder Morgan gas processing facility at Polk County is progressing "as planned", with production to be ramped-up from the VOBM No 1 and VOBM No 3 wells gradually.
"Production from the VOBM No. 2H well is due to come on stream shortly after clean-up of the VOBM No. 1 and VOBM No. 3 wells. Production is currently in line with that stated in prior announcements," said Chief Executive Officer Jay Cheatham in the statement.
"The first well of the 2018 campaign will be a vertical well targeting the Eagle Ford sandstone, the VOBM No. 5 well, in the West Double A Wells Field Prospect in Polk County. This well will be a development well offsetting the VOBM No. 1 well," Cheatham said.
"A Unit Petroleum rig is expected to spud the VOBM No. 5 well in early January 2018; the company anticipates funding its drilling programme from existing cash resources and cashflow from production," said Cheatham.
Shares in Pantheon were down 3.3% at 58.00 pence Friday.