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Pantheon Resources gets highly encouraging results from Texas well

Tyler Texas oil wellPantheon Resources said one of its Texas gas wells had shown "highly encouraging" results from a logging operation.

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The AIM-listed firm said Schlumberger had completed logging operations at the VOBM Number 4 sidetrack well in Tyler County, East Texas in which it has a 75% working interest.

The company said the well had been drilled to a depth of 12,050 feet targeting the Wilcox formation. Electric logs have since indicated the presence of hydrocarbons in a "potentially significant reservoir".

This, the company added, confirms the natural gas shows it had encountered during drilling.

"Whilst results from logging are highly encouraging," Pantheon added in a statement, "the significance of these results cannot be definitively assessed until flow testing operations have been undertaken.

"A lower cost workover rig will now be used to complete the well and to undertake flow testing. An update will be given at the conclusion of testing."

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