Business
Commencement of First Gas Production
Commencement of First Gas Production.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5083W Pantheon Resources PLC 15 November 2017 \n\n \n \n15 November 2017 \n \nPantheon Resources plc \n \nCommencement of First Gas Production\n \n \nPantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration company with a working interest in several conventional projects in Tyler and Polk Counties, onshore East Texas, is pleased to provide the following update:\n \n \nCommissioning of gas processing facilities, Polk County\n \nThe gas processing facility operated by Kinder Morgan in Polk County was successfully commissioned yesterday, 14 November 2017, with the VOBM#1, VOBM#2H and VOBM#3 (the Polk County wells) all having been tied-in to the facility. First gas sales have already commenced. \n \nThe facility will now be optimized and production will be ramped up progressively over the next few weeks in line with standard commissioning practice and best practice reservoir management. A further update will be provided over the next 30-40 days, once operations have bedded in and production volumes have been optimized. A photograph of the fully commissioned gas processing facilities has been posted to the image gallery at www.pantheonresources.com\n \nThe Company expects to receive first production revenues in late December 2017/early January 2018.\n \n \nVOBM#4, Tyler County\n \nOperations in Tyler County on the VOBM#4 sidetrack continue on schedule. Results will be reported at the conclusion of testing.\n \n \n \nJay Cheatham, CEO, said:\n\"I am extremely pleased that the Polk County gas plant has started production. This really is a significant moment in our Company's development as we move from an exploration company to an exploration and production company. It is the first in a series of anticipated hook-ups to production infrastructure as we continue to drill out and exploit our acreage position. The recent strengthening of both oil and natural gas prices come at a beneficial time for all shareholders.\"\n \n \nFurther information:\n \n\n\n\n\nPantheon Resources plc\n\n\n+44 20 7484 5361\n\n\n\n\nJay Cheatham, CEO\n\n\n\n\n\n\n\nJustin Hondris, Director, Finance and Corporate Development\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStifel Nicolaus Europe Limited (Nominated Advise...