Business
Operational Update & Investor Conference Call
Operational Update & Investor Conference Call.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7323F Pantheon Resources PLC 19 May 2017 \n\n \n \n \nThe following replaces the 'Operational Update & Investor Conference Call' announcement released on 19 May 2017 at 12.00pm under RNS No 6818F.\n \nThe investor conference call date will be 22 May 2017 at 10:00am, not 21 May 2017 as previously stated.\n \nAll other details remain unchanged.\n \nThe full amended text is shown below.\n \n \n \n19 May, 2017\n \nPantheon Resources plc \n \nOperational Update & Investor Conference Call Cetails\n \nPantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration company with a working interest of 50%-58% in several conventional projects in Tyler and Polk Counties, onshore East Texas, provides an operational and corporate update.\n \nShareholder presentations \n \n· Chief Executive, Jay Cheatham will from 12.00pm today commence a series of non-deal roadshow meetings with shareholders, providing an update on the Company's present operations and plans for 2017. \n \nOperations \n \nGas processing agreement\n \n· Definitive terms agreed with Kinder Morgan, the US's largest energy infrastructure company, to build and operate a 15mmcf/d dedicated gas processing facility for Polk County operations.\n \n· All permits, rights of way, pipeline and the tap in point works have been completed and paid for. Based upon modelled well data, Pantheon believes it should be able to achieve operating and transportation costs in the lower quartile of North American producers, below $5 per boe.\n \n· A modelled 15mmcf/d gas processing facility running at maximum throughput at today's pricing(1) after taking account of the terms of the accelerated payback arrangement concluded last year, could generate over $1,600,000 a month of free cash flow net to Pantheon (after royalties and production taxes).\n \n· The objective is to be in production by August/September 2017.\n \nUpdate on VOBM#4 well, Tyler County, onshore East Texas (Pantheon 50% working interest) Wilcox formation\n \n· The VOBM#4 well was designed as a large step out well to test the ext...