Pantheon Resources begins drilling at third east Texas well

Explorer Pantheon Resources has begun to drill on a third well at its rig in east Texas and expects significant oil and gas.

The AIM-listed company reported the Nabors F12 rig’s VOBM3 well, in Polk County will be drilled vertically to target the Eagleford sandstone at a depth of about 14,250 feet.

The well was the third to be drilled by the operator in the acreage and is expected to encounter significant oil and gas as the rig's other two wells both had large amounts of hydrocarbon gas.

Drilling operations will take about 45 to 50 days, if no problems arise, and results will be announced when drilling and testing have finished.

The company has a working interest between 50% and 58% in several onshore projects in the Tyler and Polk counties in east Texas.

Shares in Pantheon Resources were down 3.57% to 85.34p at 1145 BST.