Stock Market News
Pantheon Resources halts testing of Texas frac after heavy rain
UK-based oil and gas exploration firm Pantheon Resources updated investors on Friday with the progress seen at its operations in East Texas, noting that while it was likely that blockages seen at its VOBM#1 well were likely to be remediated, testing at VOBM#4 had been forced into suspension due to poor weather.
Pantheon said that a fracking team had been contracted to work on VOBM#1, with operations expected to kick off before 26 February, subject to weather conditions.
The frac, designed to remediate the obstruction and skin damage present in the wellbore, believed to have been come about as a result of the well having been shut in for more than 18 months and the effects of migrating formation sand.
Operations at VOBM#5 were said to be proceeding "well and without issue", but over at Pantheon's 75% interest in VOBM#4 in Tyler County, the site had been perforated, but operations had to be suspended as a workover rig came on site due to the well being completely under water from recent heavy rainfall.
Jay Cheatham, Pantheon's chief executive, said, "I very much look forward to the frac of VOBM#1 which aims to remediate the known blockages in that well and to ramp up production into the Polk County gas plant. A good result will have very positive ramifications for our play."
"We were very fortunate to secure the frac crew at short notice, however, the slot available was not long enough to allow us to frac both the VOBM#1 & #4 wells back to back as we had hoped. Unfortunately, the recent heavy rainfall has forced suspension of our testing/completion of the #4 well. If warranted we will endeavour to frac wells #4 and #5 back to back," he concluded.
As of 1040 GMT, shares had fallen off 4.72% to 50.50p.
Pantheon said that a fracking team had been contracted to work on VOBM#1, with operations expected to kick off before 26 February, subject to weather conditions.
The frac, designed to remediate the obstruction and skin damage present in the wellbore, believed to have been come about as a result of the well having been shut in for more than 18 months and the effects of migrating formation sand.
Operations at VOBM#5 were said to be proceeding "well and without issue", but over at Pantheon's 75% interest in VOBM#4 in Tyler County, the site had been perforated, but operations had to be suspended as a workover rig came on site due to the well being completely under water from recent heavy rainfall.
Jay Cheatham, Pantheon's chief executive, said, "I very much look forward to the frac of VOBM#1 which aims to remediate the known blockages in that well and to ramp up production into the Polk County gas plant. A good result will have very positive ramifications for our play."
"We were very fortunate to secure the frac crew at short notice, however, the slot available was not long enough to allow us to frac both the VOBM#1 & #4 wells back to back as we had hoped. Unfortunately, the recent heavy rainfall has forced suspension of our testing/completion of the #4 well. If warranted we will endeavour to frac wells #4 and #5 back to back," he concluded.
As of 1040 GMT, shares had fallen off 4.72% to 50.50p.
Related share prices |
---|
Pantheon Resources (PANR) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price