Pantheon Resources is pleased to announce the contracting of a suitable rig for the upcoming two well drilling programme and an update on the timeline to the start of drilling operations.
Drilling Rig Contracted
The Directors are pleased to announce that the JV has formally contracted the Nabors Rig F-12 for the drilling of the two wells in its upcoming drilling programme. As previously reported, the JV had already agreed commercial heads of terms for this rig, but until now had delayed the signing of the rig contract until ground conditions had improved sufficiently to enable road access and the building of the drilling pad.
Expedition of drilling programme
As a result of severe unseasonal rainfall and localised flooding in East Texas over the past 6-8 weeks, ground conditions in the region have remained substandard for longer than forecast. However, conditions are now improving.