Business
AGM Statement
AGM Statement.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4956Z Pantheon Resources PLC 15 December 2017 \n\n15 December, 2017\n \nPantheon Resources plc\n \nAGM Statement\n \nPantheon Resources plc (\"Pantheon\" or the \"Company\"), the AIM-quoted oil and gas exploration and production company with a working interest in several conventional project areas in Tyler & Polk Counties, onshore East Texas, will hold its Annual General Meeting (\"AGM\") this morning at 10.00am at the offices of FTI Consulting at 200 Aldersgate Street, London, EC1A 4HD. \n \nAt the AGM Jay Cheatham, CEO, will give a presentation and operational update on the Company, which will include the following information:\n \nVOBM#4 Well, Tyler County, 75% Working Interest\nFollowing the Operational Update on the 11 December 2017, the Company confirms that three separate hydrocarbon bearing Wilcox zones were encountered during drilling, analogous to the Tyler County Jazz Field wells. Each of these zones will be isolated and tested individually and thus the test will be undertaken for a longer duration than with previous wells. Additionally, there may be a requirement to conduct a fracture stimulation of one of the three zones, consistent with analog wells in the Jazz Field. The Company will provide an update at the conclusion of testing.\n \nPolk County Gas Processing \nCommissioning of the Kinder Morgan gas processing facility is progressing as planned and production will be ramped-up from the VOBM#1 and VOBM#3 wells gradually. Production from the VOBM#2H well is due to come on stream shortly after clean-up of the VOBM#1 and VOBM#3 wells. Production is currently in line with that stated in prior announcements.\n \n2018 Drilling Plans \nThe Company is still formulating its drilling programme for 2018, but confirms it intends to drill up to six wells across its Polk and Tyler County acreage. The drilling programme will focus on proving up and testing the Company's discoveries in the Eagle Ford Sandstone formation, encountered in Polk County and testing the Wilcox formation discoveries, and drilling for the Eagle Ford Sandstone, in Tyler County.\n \nThe first well of the 2018 campaign will be a vertical well targeting the Eagle Ford sandstone, the VOBM#5 well, in the West Double A Wells Field Prospect in Polk County. This well will be a development w...