Commencement of First Gas Production

RNS Number : 5083W

Pantheon Resources PLC

15 November 2017

 

15 November 2017

 

Pantheon Resources plc

Commencement of First Gas Production

 

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 update:

Commissioning of gas processing facilities, Polk County

The gas processing facility operated by Kinder Morgan in Polk County was successfully commissioned yesterday, 14 November 2017, with the VOBM#1, VOBM#2H and VOBM#3 (the Polk County wells) all having been tied-in to the facility. First gas sales have already commenced.

The facility will now be optimized and production will be ramped up progressively over the next few weeks in line with standard commissioning practice and best practice reservoir management. A further update will be provided over the next 30-40 days, once operations have bedded in and production volumes have been optimized. A photograph of the fully commissioned gas processing facilities has been posted to the image gallery at www.pantheonresources.com

The Company expects to receive first production revenues in late December 2017/early January 2018.

VOBM#4, Tyler County

Operations in Tyler County on the VOBM#4 sidetrack continue on schedule. Results will be reported at the conclusion of testing.

Jay Cheatham, CEO, said:

"I am extremely pleased that the Polk County gas plant has started production. This really is a significant moment in our Company's development as we move from an exploration company to an exploration and production company. It is the first in a series of anticipated hook-ups to production infrastructure as we continue to drill out and exploit our acreage position. The recent strengthening of both oil and natural gas prices come at a beneficial time for all shareholders."

Further information:

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

 

END

 

 

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