Pantheon Resources provides the following operational update:
Pantheon says that the JV has agreed heads of terms for the contracting of a suitable rig for the drilling of two wells in its upcoming drilling programme. The severe weather conditions of recent weeks, which have included torrential rainfall and localised flooding in certain areas of East Texas where drilling is planned, have resulted in what is expected to be a modest delay to the start of operations at the drilling site. Standing water has made access roads impassable for heavy equipment.
Once the standing water subsides and conditions are suitable, the rig will be formally contracted and site preparation and drilling can start. Once the rig contract is signed it begins to incur standby charges so it is imprudent to sign the contract until ground conditions improve. Based on current weather forecasts it is possible this could be within the next two to three weeks.