- Pantheon Resources said more of its wells in Texas could experience blockages following disruption at another well, though it didn't expect to downgrade its acreage potential.

'It is clear that the VOBM#1 wellbore has been impacted by blockages/skin damage, most likely compounded by the long period that the well has been shut in,' the company said.

'Our limited actions to remove the blockage to date have significantly improved flow rates and experience in the ... field suggests that fracture stimulation treatment offers the potential for material improvement.'

'The company believes that the same issue may have affected the VOBM#2H and VOBM#3 wells, given they were drilled with the same combination of drill bit, oil based drilling mud, and have been shut in for extended periods.'

Chief executive Jay Cheatham said the decline in production in Polk County in January warranted a concerted scientific approach to analyse, understand and diagnose the appropriate remediation technique.

'Analysis to date suggests that the cause appears to be wellbore specific factors, most likely as a result of the wells having been shut in for extended periods, and does not suggest a downgrade in the potential of our acreage,' Cheatham said.

At 8:21am: [LON:PANR] Pantheon Resources PLC share price was -0.5p at 44.75p

Story provided by