Pantheon Resources PLC Increase in working interest in the VOBM#5 well (0051A)
December 21 2017 - 2:00AM
UK Regulatory
TIDMPANR
RNS Number : 0051A
Pantheon Resources PLC
21 December 2017
21 December, 2017
Pantheon Resources plc
Increase in working interest to 75% of the VOBM#5 well, Polk
County
Pantheon 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:
VOBM#5 Well, Polk County, Increase in working interest from 58%
to 75%
Pantheon 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%.
Purchase 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.
VOBM#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.
Jay Cheatham, CEO, said:
"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."
Further information:
+44 20 7484
Pantheon Resources plc 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance
and Corporate Development
Stifel Nicolaus Europe Limited (Nominated +44 20 7710
Adviser and broker) 7600
Callum Stewart
Ashton Clanfield
Nicholas Rhodes
+44 20 3727
FTI Consulting 1000
Ed Westropp
James Styles
For further information on Pantheon Resources plc, see the
website at: www.pantheonresources.com.
The information contained within this RNS is considered to be
inside information prior to its release. Neither the contents of
the Company's website nor the contents of any website accessible
from hyperlinks on the Company's website
This information is provided by RNS
The company news service from the London Stock Exchange
END
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