16th Jul 2015 08:39
LONDON (Alliance News) - Pantheon Resources PLC Thursday said road and site preparations for the first well in its upcoming drilling programme have now been completed with the aim of drilling that first well before the end of July.
The drilling programme is covering the company's various 50% interests in several projects in Tyler and Polk Counties, East Texas in the US with its joint venture partner Vision Gas Resources LLC. Pantheon said Vision Gas, as operator, plans to drill a total of two wells in 2015.
The drilling programme has been previously hampered by exceptional adverse weather in the area.
Following the completion of drilling operations on that well, it is intended that the rig will be immediately mobilised to the joint venture's second drilling site, the LP2 offset well, located in Tyler County, East Texas.
Pantheon shares were down 0.3% to 24.56 pence per share, having initially risen to 25.06p Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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