Pantheon Resources wins fracking permit for VOS#1

Oil and gas exploration company Pantheon Resources has been granted the permit required to perform a fracture stimulation test on the VOS#1 well.

"We also now have the opportunity to gain valuable data from the independent Austin Chalk zone, above the discovered Eagleford sandstone section," said chief executive Jay Cheatham.

He added that the VOBM#2H well was proceeding in line with expectations, a "great achievement" given it is the first horizontal Eagleford sandstone well in the area.

"We couldn't pass up the opportunity to frack the Austin Chalk in this vertical well," Cheatham said in a statement.

Pantheon has a 50% working interest in several onshore projects in Tyler and Polk Counties, east Texas.

At 14:43 BST, shares in Pantheon were down 0.93% to 133p.