22nd Jan 2016 09:23
LONDON (Alliance News) - Pantheon Resources PLC on Friday said the outlook for the company "remains extremely positive" even if much lower oil prices were to persist, as it continued testing at its VOX#1 well in Tyler County and prepared the VOBM#1 well for commercial production in Polk County, both onshore east Texas.
Pantheon's joint venture in Tyler County has completed a pressure build up test on the VOS#1 well, which it said has provided it with "valuable diagnostic information" on what it perceives as a blockage in the well. It has decided to perform a second flow test which should help it to decide an optimal course of action.
In Polk Country, Pantheon's joint venture is negotiating with nearby natural gas processing plants for the supply and processing of natural gas. Once these have been agreed it will begin preparations for commercial production of both natural gas and liquids.
Shares in Pantheon were up 5.6% at 85.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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