Business
Increase in working interest in the VOBM#5 well
Increase in working interest in the VOBM#5 well.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0051A Pantheon Resources PLC 21 December 2017 \n\n21 December, 2017\n \nPantheon Resources plc\n \nIncrease in working interest to 75% of the VOBM#5 well, Polk County \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 is pleased to provide the following update:\n \nVOBM#5 Well, Polk County, Increase in working interest from 58% to 75%\n \nPantheon is pleased to announce the acquisition of an additional 17% working interest in the upcoming VOBM#5 development well, and the surrounding 320 acre unit, in Polk County, East Texas. Upon completion of the acquisition Pantheon's working interest in the VOBM#5 well and unit will increase from 58% to 75%.\n \nPurchase consideration for the additional 17% working interest will comprise an additional pro-rata 17% share of drilling and completion costs. No premium is being paid for this increased working interest.\n \nVOBM#5 will be the first well of the 2018 campaign and will be a vertical well targeting the Eagle Ford sandstone and is considered by the operator to be a development well offsetting the VOBM#1 well. Spudding of the VOBM#5 well remains on track to occur by early January 2018; the drilling programme is fully funded from existing cash resources and anticipated production cashflow.\n \nJay Cheatham, CEO, said: \n\"This is a superb opportunity for Pantheon and the least expensive way to acquire potential reserves by drilling a development well and paying no back costs or promote. The location immediately west and south of the VOBM#1 production well offers the real possibility of exceeding a P50 well. The principal at Vision will have a 25% interest which is some 50% above his attributable interest when Kaiser Francis Oil Company was his 2/3 partner.\"\n \n \nFurther information:\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 Adviser and broker)\n\n\n+44 20 7710 7600\n\n\n\n\nCallum Stewart\n\n\n\n\n\n\n\nAshton Clanfield\n\n\n\n\n\n\n\nNicholas...