Pantheon Resources plc ("Pantheon" or "the Company"), an AIM-quoted oil and gas exploration company active in Louisiana and Texas, issues the following update on its Tyler County, East Texas well:
The operator of the Tyler County Joint Venture, Vision Gas Resources LLC ("Vision"), has informed Pantheon of further progress at the planned Kara Farms #1H well ("KF#1H"). The Texas Department of Transportation has granted the Joint Venture two permits essential for the final stages both for the completion of the site works for KF#1H and, separately, for a natural gas export pipeline. Rig availability has continued to be tight but there are now signs of this easing to some extent. Vision continues actively to pursue a drilling slot with the intention of spudding the KF#1H well at the earliest opportunity. Once Pantheon is informed by Vision of further developments at KFH#1H, it will inform the market.
Jay Cheatham, CEO of Pantheon stated.
"Gaining the approvals necessary to complete final work on the KF#1H drilling location denotes an important step for the Joint Venture and its plans to drill a second well on its exciting Tyler County acreage. Recently, rig utilisation in the Barnett and Haynesville shale plays has witnessed a small decline leading to a modest improvement in rig availability. The outlook for natural gas prices has also improved.
AXT Price at posting:
13.0¢ Sentiment: None Disclosure: Held
