The Board of Pantheon Resources plc is pleased to provide the following operational update.

During the drilling operations of the VOS#1 well on the JV's Tyler County acreage, an oil and gas bearing zone has been encountered at a depth of c.12,600 feet.

This zone is separate from and independent of both the primary and secondary well objectives (being the Eagle Ford/Woodbine sandstone and the Austin Chalk respectively) and has flowed both natural gas and oil.

As a result of well intervention operations in relation to controlling this zone, which also included flaring of natural gas, Pantheon now anticipates an additional c.14 days of drilling to reach the main targeted horizons.

Tags: Pantheon Resources