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September 11, 2009
Pantheon Resources First Well In the Austin Chalk in Tyler County, Texas, Is Plugged And Abandoned, But the Board is Sanguine About Future Wells
Pantheon Resources, which is listed on London’s Aim and is active in Louisiana and Texas, has announced that Vision Resources, the operator, has recommended that the Vision Rice University #1 well (VRU#1) in Tyler County, East Texas, in which Pantheon has a 25 per cent net working interest, be plugged and abandoned solely for mechanical reasons. The decision was taken after the high pressure snubbing unit was unsuccessful in retrieving the stuck coiled tubing from the wellbore.
This well was started in November 2008 and was supposed to take 75 days to drill; that is to say we should have had some result last February. This well attracted a lot of attention because it was touted as the first of a potentially company making programme into the well known Austin Chalk play in Tyler County. Now nine months on and (with a lot of extra costs involved) the well turns out to be a duster and can hardly be seen as a success.
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