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Drilling Report
Drilling Report.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n RNS Number : 3617X Pantheon Resources PLC 13 August 2009 \n \n\n\n\n\n\n\n\nPress release\n\n\nDate: 13 August, 2009\n\n\n\n\n\n\nPantheon Resources plc ('Pantheon' or 'the Company'), the AIM-quoted oil and gas exploration company active in Louisiana and Texas, issues the following update:\n\nVision Rice University #1, Tyler County, East Texas (25% Working Interest)\n\nThe operator, Vision Resources LLC, believes it now understands the various causes behind the mechanical difficulties encountered in drilling and completing the Vision Rice University #1 well, which have led to continued delays. Initially these related to the higher than expected pressure regime encountered. More recently, there is strong evidence to suggest that the well may have penetrated an 'unconsolidated rubble zone'. The presence of this potential zone was imperceptible on the seismic available to the joint venture prior to drilling. Such zones are known to exist elsewhere in the Austin Chalk. \n\nThe existence of an unconsolidated rubble zone would be extremely encouraging for the project. Such zones typically exhibit higher permeability and porosity. These usually lead to both enhanced recovery and flow rate per well. If confirmed, these factors would have a significant and beneficial impact on the project's economics. Additionally, during the very limited testing operations performed, the well produced natural gas, condensate and black oil. \n\nThe information gathered from the current well should facilitate the drilling of future wells on the project. In particular, it should result in subsequent wells being drilled at a lower cost than originally expected, despite the mechanical problems contributing towards additional time and cost overruns in this well. Lower potential future drilling costs would also enhance the project's economics.\n\nAs previously announced, during clean-out operations following the setting of the packer and the production liner, the well bore became blocked. The operator utilised a coiled tubing unit in an attempt to remove the blockages. During these procedures, small pieces of formation flowed through the slotted liner into the well bore resulting in a new obstruction. This occurred each time the well was...