Pantheon Resources Update

RNS Number : 2338P
Pantheon Resources PLC
30 August 2017

30 August 2017

Pantheon Resources plc


Operational Update


Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted oil and gas exploration company with a working interest in several conventional projects in Tyler and Polk Counties, onshore East Texas, is providing an operational update following the sustained period of extreme weather in Texas, USA.

The tropical storm Harvey has impacted all of south and south east Texas. Rainfall in some areas has exceeded 40 inches. As of 29 August 2017, the rain continues and current meteorological models predict that the storm will be travelling north across Tyler and Polk Counties over the next few days. All of our operations were suspended in advance of the storm and the locations are secure. We have no information indicating that any of the wellheads or associated facilities have been compromised by high water levels, however the human resource needed on site to continue operations have been impacted by conditions.

It is likely to be early September 2017, until we can assess any damage to the locations and roads. Operations on VOBM#2H, where we have recovered all frac load fluid and are awaiting completion and production equipment, will be delayed. The arrival of the drilling  rig for the VOBM#4 side-track is also anticipated to be delayed beyond the second week in September 2017 given weather conditions and the delay at  its current (third party) location. We will issue a further update as more information is made available.