Business
Completion of Vision Rice Uni
Completion of Vision Rice Uni.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n RNS Number : 7906N Pantheon Resources PLC 24 February 2009 \n \n\n\n\n\n\n\n\nPress release\n\n\n24 February 2009\n\n\n\n\n\n\nPantheon Announces Successful Completion of Vision Rice University #1 Well\n \nPantheon Resources plc ('Pantheon' or the 'Company'), the AIM-quoted oil and gas exploration company active in the Gulf of Mexico is pleased to announce the successful completion of the Vision Rice University #1 well in Tyler County, Texas. \n\nVision Resources, the operator, completed the well at 15,292 feet ('ft') measured depth after cutting several fractures and taking a substantial natural gas kick. The reservoir pressure encountered was approximately 12,500 psi. This pressure was materially higher than that seen in the Anadarko/Ergon wells located just north of this well. This higher pressure caused the operator to complete the well with a shorter lateral (horizontal) section than originally planned \n\nVision had already engineered the well in the expectation that the reservoir pressure would be higher than those encountered in the Anadarko/Ergon wells. However the pressure encountered exceeded even Vision's projections. In Austin Chalk wells higher pressure is generally regarded as a positive attribute as it usually indicates higher potential reserves and productivity.\n\nCritically these early well results confirm the technical case for the Tyler County, East Texas venture. The results also have positive implications for the remainder of the Joint Venture acreage position. The technical case focused on targets that are on structural highs. Encouragingly, the Vision Rice University #1 well is 50 ft high to prognosis. This indicates the potential for a hydrocarbon bearing column thicker than estimated. \n\nCompletion and testing activities are expected to take a further two to three weeks. During this period gas flaring will occur to allow the reservoir to clean up. The well will then be shut in to await a pipeline connection which is expected to be completed in around 45 days. \n\nJay Cheatham, CEO of Pantheon, stated, 'Pantheon is extremely encouraged by the initial results of the Vision Rice University #1 well. The higher pressures encountered have positive imp...