Pantheon Resources reports authorisation of and first gas sales at East Texas gas facility

AIM-quoted oil and gas exploration company, Pantheon Resources, has reported "successful" commission, on Tuesday, of the gas processing facility in Polk County, East Texas, as well as its first gas sales.

Pantheon announced on Wednesday that the facility, operated by Kinder Morgan, in Polk County was authorised, with wells VOBM#1, VOBM#2H and VOBM#3 all having been tied-in to it.

The company added that it anticipated first production revenues between late December 2017 to early January 2018.

Now, the facility would be optimized with production expected to ramp-up progressively over the next few weeks in accordance with standard commissioning practice and best practice reservoir management.

Pantheon also announced that production in Tyler County on the VOBM#4 sidetrack remains on schedule, and that it would report results at the conclusion of testing.

Jay Cheatham, CEO, said: "I am extremely pleased that the Polk County gas plant has started production. This really is a significant moment in our Company's development as we move from an exploration company to an exploration and production company. It is the first in a series of anticipated hook-ups to production infrastructure as we continue to drill out and exploit our acreage position. The recent strengthening of both oil and natural gas prices come at a beneficial time for all shareholders."