8th Jul 2016 07:23
LONDON (Alliance News) - Pantheon Resources PLC on Friday said authorities have granted a permit to allow the company to frack and test the VOS-1 well in the US, and said operations could start as early as next month.
The VOS-1 well lies within the company's interests in Tyler County, East Texas, and the company believes operations to conduct fracture stimulation and testing procedures could start in August based on advice from the operator, but that is not certain.
"Pantheon cautions that this estimate is to be considered for guidance only and is dependent upon factors outside of its control. Results will be announced once flow testing operations are completed," said the company.
Fracking will be conducted over the shallower Austin Chalk section in addition to the Eagleford sandstone sections. That is significant because the Austin Chalk section would have been inaccessible if the operator had decided to put the well into production from those deeper Eagleford sections.
At the other site in Polk Country, also in East Texas, Pantheon said the VOBM-2H well is "proceeding smoothly". The well is below budget, but drilling operations are around five days behind schedule, it said.
Pantheon shares were down 3.2% to 130.00 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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