Pantheon Resources confirms spudding at onshore Tyler County

Oil and gas exploration company Pantheon Resources announced on Tuesday that the Nabors F12 rig has spudded the VOBM 4 well, onshore Tyler County, in which Pantheon has a 50% working interest.

The AIM-traded firm said the VOBM 4 well is a large step out exploration and appraisal well from the VOS 1 discovery well and will be drilled vertically to a depth of around 15,500 feet, targeting the Eagle Ford/Woodbine sandstone formation.

It said the well location will test how far the reservoir discovered at the VOS 1 discovery well extends, and is based upon 2D seismic interpretation and proprietary geological and geophysical modelling.

Drilling operations are expected to take approximately 60 to 65 days on a trouble-free basis and results from the well will be announced when drilling, and if appropriate, testing operations are complete.

Additionally, the company said a workover rig has been contracted for the planned flow testing of the VOBM 3 well, in which Pantheon has a 58% working interest, and preparations for testing operations are estimated to commence in approximately 10 to 14 days.

Results will be also be announced there once testing operations are complete.

“The VOBM 4 well is an exciting high impact well for us,” said CEO Jay Cheatham.

“Because it is such a large step out from the original discovery, it is by definition the highest risk well we have drilled so far.

“If successful however, it could bring commensurately higher rewards by enabling us to map, delineate and potentially expand the areal extent of the reservoir across Pantheon's acreage.”