28th Jul 2015 09:54
LONDON (Alliance News) - Texas-focused oil and gas explorer Pantheon Resources PLC on Tuesday said that the Vision Operating Co-Blackstone Minerals 1 well has been spud and said it has started its two-well drilling programme.
Pantheon said the VBOM-1 well, located at the Polk County site in Texas, has been spud and will target Eagleford/Woodbine sandstone at a depth of approximately 15,000 feet.
In addition, Pantheon said that once drilling at the VOBM-1 well has been completed, the rig will be moved to its Tyler County site to carry out a two-well drilling programme.
"Today's announcement is an important milestone in Pantheon's history and follows many years work in studying, identifying and leasing these high impact drilling prospects which, if successful, have the potential to be transformational for our company," said Jay Cheatham, Pantheon's chief executive.
Shares in Pantheon were down 3.6% to 21.70 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Pantheon Resources plc