Pantheon Resources, the AIM-quoted oil and gas exploration and production company, has acquired an additional 17% working interest in the upcoming VOBM#5 development well, and the surrounding 320 acre unit, in Polk County, East Texas.
Upon completion of the acquisition Pantheon's working interest in the VOBM#5 well and unit will increase from 58% to 75%.
Purchase consideration for the additional 17% working interest will comprise an additional pro-rata 17% share of drilling and completion costs.
VOBM#5 will be the first well of the 2018 campaign and will be a vertical well targeting the Eagle Ford sandstone.
Spudding of the VOBM#5 well remains on track to occur by early January 2018; the drilling programme is fully funded from existing cash resources and anticipated production cashflow.