Pantheon Resources, the AIM-quoted oil and gas exploration company in Texas, has announced that the VOBM#4 well has reached target depth of 12,050 feet, having encountered the Wilcox horizon as targeted.
The wellbore is currently being prepared for logging operations, which are anticipated to take place over the coming days.
The company has also reported that Kinder Morgan has now completed the initial commissioning phase of the gas processing facility, which is running smoothly and trouble free.
The wells are currently in the 'clean up' phase, producing drilling mud and debris through a narrow choke. Production volumes during this phase from the VOBM#1 and VOBM#3 wells are averaging approximately 5 mmcf/d through a restricted choke.
The operator has conservatively restricted production rates whilst the wells are cleaning up and will progressively increase production volumes, including commencement of test volumes from VOBM#2H, when appropriate.
Jay Cheatham, CEO of Pantheon, said:"I am pleased to have reached target depth in VOBM#4. As we have previously stated, the Wilcox has been a welcomed bonus for us, with great potential should it be successful, particularly given our 75% working interest in the well. The gas facility is progressing in line with expectations.
“As the wells clean up the current restricted production rates should increase significantly going forward".
The market responded strongly to Pantheon’s latest update with the company’s share price up over 7% in late morning trading to 54.75.