Pantheon Resources reaches target depth at East Texas drill programme

The VOBM#4 well at Pantheon's 75% working interest in Tyler County reached its target depth of 12,050 feet, encountering the Wilcox horizon as hoped.

The wellbore was in the process of being prepared for logging operations and was anticipated to take place within the coming days, with Pantheon adding it would make further announcements on the project at the conclusion of the logging operations.

Jay Cheatham, chief executive officer, said, "As we have previously stated, the Wilcox has been a welcomed bonus for us, with great potential should it be successful, particularly given our 75% working interest in the well."

Meanwhile, at Pantheon's Polk County gas processing facility, Kinder Morgan had completed the initial commissioning phase of the gas processing facility, which was "running smoothly and trouble free", the company added.

The wells, which were in "clean-up" phase, had produced drilling mud and debris through a narrow choke, with production volumes of approximately 5m cubic feet per day (mmcfd).

"The gas facility is progressing in line with expectations. As the wells clean up the current restricted production rates should increase significantly going forward," Cheatham said.

As of 1155 GMT, shares had risen 6.45% to 54.29p.