Pantheon Resources (LON:PANR) today announced that due to suitable rigs being currently occupied, the spudding of its second well on the Tyler County prospect has been delayed until May 2010.
The well operator, Vision Resources, is said to have undertaken a comprehensive search for rigs capable of withstanding the Tyler County environment, which covers deep shale plays in East Texas and Western Louisiana. However, because of a lack of available suitable rigs in the area, the drilling schedule has now been put back to May 2010.
Although Pantheon are reportedly disappointed by this news, they are convinced that the quality of the rigs, specifically their pumping/pulling capacity, will effectively deliver targets without mechanical difficulties. The drill is expected to last 75 days.
Going forward, the company revealed that the principle objective for the next well will be the Austin Chalk and that the chosen location will test a high potential target. CEO of Pantheon Resources, Jay Cheatham, added,
"Despite the unfortunate delay, I remain very excited about the forthcoming drilling. The most important thing for Pantheon and its shareholders is to have a drilling rig capable of handling the depths and pressures anticipated in the next well. Vision has expended much effort in identifying the best and most appropriate rigs available. Both rigs are not only properly equipped but also have first class crews. Obtaining the correct rig is worth the waitand I look forward to spudding with great enthusiasm and optimism.
Formed in 2005, Pantheon Resources is an independent UK based oil and gas exploration company focused initially on the hydrocarbon producing basins in the Gulf of Mexico, specifically the deep prospects under and around Padre Island. To read more about Pantheon, please click here
