Pantheon Resources keen to drill second Tyler County well in January
11 November 2009
Pantheon Resources, the AIM-quoted oil and gas group active in Louisiana and Texas, US, is planning a second attempt at drilling into the highly prospective Austin Chalk on its Tyler County acreage in January 2010.
Reporting its full year results today, Pantheon said its primary focus was to get drilling underway following work last year that confirmed that the Austin Chalk extended into its licence area.
A first attempt at drilling the Vision Rice University #1 well in September had to be abandoned because of mechanical failures. Higher than expected reservoir pressures and the presence of an unconsolidated rubble zone were the main causes of the problems. However, these factors have also raised confidence in the eventual success of the well and the expectation of fewer wells being required to develop the play as well as the existence of black oil and condensate.
Panthon and the field operator, Vision Resources, now think that the Tyler County project is proven as a development play which offers material value to shareholders.
Pantheon posted an operating loss of £3.17 million for the year versus £4.85 million last year. Since the year end, the company has raised £0.5 million in a share placing.
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