Pantheon Resources is pleased to provide the following operational update.
Proposed Drilling Activity
The Joint Venture (JV) has now commenced the process of identifying and tendering for a suitable rig for the drilling of the first well (the "LP Offset well") on its Tyler County prospect, East Texas. The prospect has a gross estimated P50 prospective resource (recoverable) of 53 Mmboe (millions of barrels of oil equivalent) (Pantheon 50%) and it is estimated that this well will spud in 1Q 2015.
Upon completion of this well, it is the intention to commence preparations for the drilling of the second well in the programme, on the new Prospect A, located adjacent to the prolific Double A Wells field in Polk County. The new Prospect A has a gross estimated P50 prospective resource (recoverable) of 58 Mmboe (Pantheon 50%).
The LP Offset well contains two separate and independent targets. The primary target is the Eagleford/Woodbine sandstone formation, which is geologically analogous to the prolific Double A Wells field located nearby.