Business
VOS#1 Well - Testing Update
VOS#1 Well - Testing Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5144L Pantheon Resources PLC 12 January 2016 \n \n\n \n \n\n\n\n\nPress release\n\n\n12 January 2016\n\n\n\n\n \nPantheon Resources plc\n \n VOS#1 well - Testing Update\n \nPantheon Resources plc (\"the Company\"), the AIM-quoted oil and gas exploration and production company with a 50% working interest in several projects in Tyler and Polk Counties, East Texas, announces the following operational update.\n \nUpdate on flow testing operations at VOS#1 well, Tyler County, onshore East Texas\n \nThe VOS#1 well encountered 107 feet of net pay at a depth of c.15,150 feet, in the Eagle Ford sandstone, the primary target of the well. This is more than 70% greater than the net pay encountered in the recently completed VOBM#1 well in Polk County. The well initially flowed high rates of natural gas and 39 degree gravity oil at a flowing tubing pressure (\"FTP\") of 8,400 pounds per square inch. The net pay and initial flow rates are consistent with a well exceeding a PMean ultimate recovery of c.3 million barrels of oil equivalent.\n \nDuring subsequent testing operations, all three producing parameters (gas production, oil production and FTP) decreased suddenly, indicating the presence of a blockage. Subsequent changes to the choke size at the surface over several days had no impact on either the FTP or production rates, confirming the likely presence of a blockage within the production interval at the perforations. The JV has subsequently decided to perform a bottom hole pressure build up test, which is estimated to take 72 hours and which has recently commenced. This will allow a definitive analysis of the type of blockage and allow for appropriate remedial action, which could take up to an additional seven days.\n \nJay Cheatham, CEO, said\n\"From the V0S#1 well, the net pay encountered and initial flow rates are very encouraging. Although we are disappointed that we cannot report production numbers at this time, I am confident we will be able to remedy the downhole issue, which is most likely heavy mud blocking perforations. Similar blockages are known to have occurred in the analogous, nearby Double A Wells field and were subsequently successfully remedied. Even at the reduced flow rates after the blockage, the well is still flowing commercial quantities of h...