Pantheon Resources has successfully launched its third drilling campaign in East Texas.
The firm spud its VOBM#3 well in Polk County. It’s the third well to be drilled on the acreage.
The previous two wells encountered “significant hydrocarbons in the objective horizon ,” according to the firm.
The well will be drilled vertically to target the Eagleford sandstone at a measured depth of approximately 14,250 feet.
The campaign is expected to take between 45 and 50 days on a “trouble free basis” the firm said.
Earlier this month, the firm was forced to abandon horizontal drilling after the harsh sandstone chewed-up its equipment.
Chief executive Jay Cheatham said the company had “experienced a long list of individual challenges in the drilling of the VOBM#2”.
Despite the challenges, the company leader has also said he had “never been more certain about the future of his company”.
The firm is targeting capital costs of $5boe. Read more here.