This is what Pantheon had to say in there half yearly.Looks like...

This is what Pantheon had to say in there half yearly.

Looks like things are progressing and they can't keep saying the same thing forever.

40 days from finalisation of JV to start of drill they reckon.

If they want to drill 1H 2013 they need a decision this month I reckon??

"Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company active in Louisiana and Texas, presents its interim results for the six months ended 31 December 2012.



At Pantheon's AGM held in December 2012, the Managing Director of Vision Gas Resources LLC ("Vision"), Mr Bobby Gray, made a presentation on the Tyler County Project for which Vision is the operator with a 75% interest. During this talk and the ensuing discussion, he expressed his confidence in the substantially increased reserve potential of the Joint Venture ("JV") acreage in which Pantheon holds a 25% working interest. He advised that he hoped that the Kara Farms #1H ("KF#1H") well would commence drilling during first quarter 2013. He also stated that this intention was contingent on two key factors; completion of the restructuring of the JV and availability of a suitable rig.

Over recent weeks the restructuring has moved forward positively with Pantheon taking a prominent and active part. The Group has been in the forefront of introducing potential new partners to Vision for entry into the JV although this restructuring will not impact upon Pantheon's 25% interest in the Tyler County Project. Discussions with two parties are now at an advanced stage. While these negotiations are by nature complex, with extensive geological and geophysical due diligence requirements, the prognosis is that they should be concluded satisfactorily in the second quarter. It is the current plan to commit to a rig and then drill the KFH#1 well immediately on finalisation of the restructuring of the JV.

The second stated condition for the commencement of drilling was the availability of a suitable rig. Concomitant with this were an experienced, high quality crew to manage the anticipated well conditions and some further reduction in rig rates. Circumstances have been moving in the JV's favour on both rig rates and commodity prices. As part of the restructuring negotiations, Vision has indicated that currently a rig may be on location possibly within 40 days of a request for mobilisation. The strengthening of the US natural gas price over recent months further underpins Pantheon's confidence in the Tyler County Project's economics."