First production Tyler County

RNS Number : 6929I

Pantheon Resources PLC

28 November 2018

 

28 November 2018

Pantheon Resources plc

First production Tyler County

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company with a 50% - 75% working interest in several conventional project areas in Tyler and Polk Counties, onshore East Texas is pleased to announce the following update on VOS#1 well. 

First production Tyler County

The VOS#1 well was connected to the Enterprise pipeline system on 1 November. Cleaning up the well, which had been shut-in for over 2 years, has taken time. The well is being conservatively managed and is today producing at a rate of 2,000 mcfpd with a trace of oil on a 10/64ths choke. The flowing tubing pressure ("FTP") is 7800 psi.

Jay Cheatham, CEO, stated "After over a 2 year shut-in period the well is exhibiting good characteristics with good reservoir energy. Now that Pantheon controls operations, we will manage this well conservatively in order to avoid any reservoir damage. With today's strong gas prices, the well can generate valuable cash flows for Pantheon."

-Ends-

Further information:

Pantheon Resources plc	[phone]
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate Development
Arden Partners plc (Nominated Adviser and broker)	[phone]
Paul Shackleton Daniel Gee-Summons
FTI Consulting
Ben Brewerton
	[phone]

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 (or any other website) is incorporated into, or forms part of, this announcement.

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.

 

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