Oil and gas exploration company, Pantheon Resources, has kicked-off the drilling of its Wilcox formation development.
The company has also stated that it expects operations to take 30 days and to be uninterrupted on a ‘trouble-free basis’.
Jay Cheatham, CEO, said: “I am very excited about the potential of the Wilcox reservoir on our acreage and in particular in this VOBM#4 sidetrack well. The Wilcox produced potentially significant hydrocarbons in the original wellbore, and has been a prolific producer in both Tyler and Polk Counties, although not in our immediate area. If successful, it has the potential to be material for our company, particularly given our increased 75% working interest in this well.
Pantheon also reported positive flow testing operations at their Polk County development. The well ‘will remain shut-in until facility commissioning has been completed and the well can flow directly into the facility and pipeline’.
MR Cheatham added: “I am also pleased with the progress to bring our Polk County production assets online in mid-November 2017, paving the way for first revenues thereafter. The decision to flow the VOBM#2H well directly into the gas processing facility is a prudent one allowing us to sell the tested hydrocarbons and minimise costs. The well logs for this well, and its location between the VOBM#1 and VOBM#3 wells, suggest that the VOBM#2H location is a very good one; our challenge is to maximise the well’s potential in this compromised wellbore.”
Pantheon is a AIM-quoted oil and gas exploration company with a working interest in several conventional projects in Tyler and Polk Counties, onshore East Texas.