9th Sep 2015 07:17
LONDON (Alliance News) - Pantheon Resources PLC on Wednesday said its joint venture in Texas has spudded a well at the Tyler County project and has made progress at Polk County.
The company said the VOS#1 well at Tyler County has been spudded, with the primary target the Eagleford/Woodbine sandstone and the Austin Chalk formation. Data from electronic logs has indicated the presence of a potential reservoir in the Eagleford/Woodbine sandstone.
In addition, the company said drilling at the VOBM#1 well in Polk County has been successfully concluded and the well is currently being completed.
"These are exciting times for Pantheon shareholders. Whilst encouraged by the log data from the VOBM#1 so far, we stress that until such time as flow testing has been completed it is not possible to assess the significance of the well for our company. The same rig and crew has now spudded the lower risk VOS#1 well in Tyler County, and a positive result in either of these wells has the potential to be transformational for our company," said Chief Executive Jay Cheatham.
Pantheon shares were up 5.0% to 22.4375 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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