Pantheon chairman stands down as East Texas pipeline nears completion

Pantheon Resources has almost completed work on its 2.5-mile gathering line in East Texas and it anticipates the pipeline will be connected to the VOS #1 well by the end of the month.

Based on the latest information, the group estimates cash flow generated by Pantheon from VOS #1 to be "sufficient" to fund overheads for both itself and its partner on the project, Vision, following initial commissioning operations.

Pantheon commended its crew for their work on the line, which continued despite heavy rainfall and localised flooding in the area, keeping the project on schedule despite the difficult conditions.

Chief executive Jay Cheatham, said: "We ended up boring significantly more footage than originally estimated, which could have significantly delayed start-up, but the crews worked double shifts to overcome that and the significant impact of the rain."

Pantheon also revealed that it had issued 150,000 new ordinary shares in lieu of cash to Align Research for "services provided" to the company.

Lastly, Pantheon Resources chairman John Walmsley announced his intention to step aside after 11 years with the AIM-listed outfit.

The oil and gas explorer revealed that Walmsley, who will stay on with the group as a non-executive director, will be replaced by Phillip Gobe, who joined Pantheon's board from Texan firm Pioneer Natural Resources back in 2016.

As of 0920 BST, Pantheon shares had slipped 3.78% to 17.80p.