Pantheon saysthat the Nabors F12 drill rig has spudded the VOS#1 well on the JV's Tyler County acreage. The VOS#1 well is the second well in the JV's drilling programme and will target the Eagleford/Woodbine sandstone as the primary objective at a depth of approximately 15,000 feet. Additionally, the VOS#1 well offers potential for a secondary objective, the shallower and geologically independent Austin Chalk formation.
Both the Austin Chalk and Eagleford/Woodbine sandstone formations are proven to exist on the JV's Tyler County acreage. Drilling operations are expected to take approximately 45-50 days on a trouble free basis and results from the well will be announced when drilling and, if appropriate, testing operations are complete.
The location of the VOS#1 well has been selected following further geological and geophysical analysis, coupled with accessibility considerations following the recent flooding in Texas. This location is deeper into the heart of the same mini basin as the producing LP2 well (in which Pantheon has no interest) and offers potential for thicker sands.