28th Nov 2018 08:17
LONDON (Alliance News) - Oil & gas exploration firm Pantheon Resources PLC said Wednesday production had begun at its onshore well in east Texas, US.
Pantheon explained its VOS 1 in Tyler County well was connected to the Enterprise pipeline system at the start of November. Cleaning up the well, however, has taken time as it had been shut-in for over two years.
VOS 1 is now producing 2.0 million cubic feet per day with a "trace" of oil on a 10/64ths choke. Pantheon added that flowing tubing pressure was 7,800 pounds per square inch.
"After over a two year shut-in period the well is exhibiting good characteristics with good reservoir energy," Pantheon Chief Executive Officer Jay Cheatham said. "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."
Shares in Pantheon were 13% higher at 18.79 pence early Wednesday following the announcement.
Related Shares:
Pantheon Resources plc