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Spudding of VOBM#5 and Operational Update
Spudding of VOBM#5 and Operational Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7853A Pantheon Resources PLC 03 January 2018 \n\n03 January, 2018\n \nPantheon Resources plc \n \nSpudding of VOBM#5 and operational update\n \n \nPantheon Resources plc (\"Pantheon\" or \"the Company\"), the AIM-quoted oil and gas exploration company with a working interest in several conventional project areas in Tyler and Polk Counties, onshore East Texas, provides the following operational update:\n \nSpudding of VOBM#5, Polk County, 75% working interest\nPantheon is pleased to announce that the Unit Petroleum Rig #319 rig has spudded the VOBM#5 well, onshore Polk County, in which Pantheon has a 75% working interest. The VOBM#5 well is a step out development well from the VOBM#1 well and will be drilled vertically to a depth of circa 14,500 feet, targeting the Eagle Ford/Woodbine sandstone formation.\nDrilling operations are expected to take +/- 45 days on a trouble free basis and results from the well will be announced when drilling and, if appropriate, testing operations are complete. If successful this well can be hooked up into the existing Polk County gas processing facility rapidly after completion by laying a production line to the nearby VOBM#1 location.\nPolk County gas production, Tyler County, 58% working interest (70% until payout of certain costs)\nGas production volumes from the Polk County gas processing facility are currently averaging circa 3,000 mcf/d. In line with initial testing, the VOBM#3 well has experienced variability in production volumes which is believed to result from the well being located towards the edge of the reservoir as previously announced. Analysis is currently underway and it is probable that the operator will perform an intervention, such as acidization, in order to increase flow rates further. \n \nThe VOBM#1 well has also experienced reduced flow rates through the narrow 12/64th inch choke, which has yet to be increased; however, both the flowing tubing pressure and the shut in tubing pressure responses remain excellent. The reduced flow rates are thought to be caused by possible lower permeability in the reservoir given that the bottom hole location is over 1,500 feet offset from the initial target. This is because the favourable log responses encountered in the pilot hole resulted in the well being completed verticall...