StockMarketWire.com - Pantheon Resources [LON:PANR] has successfully concluded the sidetrack of the VOBM#2H well and encountered promising log responses.

The well was drilled to a total measured depth of about 16,450 feet and would now be completed ahead of testing.

Data from electronic logs indicated the presence of hydrocarbons in a potentially significant reservoir in the primary target, the Eagle Ford sandstone.

"The Board stresses however that the significance of these results cannot be accurately assessed until flow testing operations have been completed," the company said.

CEO Jay Cheatham in a statement that the successful completion of this well confirmed Pantheon's belief that it could drill vertical wells into the Eagle Ford, quickly and economically.

"We remain extremely excited by the potential of our prospects and we look forward to flow testing the VOBM#2H sidetrack well," he added.

Pantheon, Cheatham added, was also looking forward to flow testing the VOBM#4 well, which would provide valuable data on the recently discovered Wilcox formation and will provide a greater understanding of the potential significance of the zone for the company.

"Should flow test results confirm the Wilcox to be a commercial producer on our acreage, then the company will expedite arrangements for first production in Tyler County, complimenting plans for first production in Polk County which are progressing well," Cheatham said.

"Following analysis of the testing results for VOBM#2H and VOBM#4 wells, the company will decide upon the location of the next well in the campaign."

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Nostra Terra Oil & Gas [LON:NTOG] has secured an additional 7.5% Working Interest (WI) in the Pine Mills oil field, Texas, for a payment of $200,000 to GFP Texas Inc (GFP), the owner of the WI.

The deal took Nostra's WI in Pine Mills to 87.5%. Hammerhead Management Partners LLC holds the remaining 12.5% WI.

As part of the deal, Nostra inherited a court judgement (in Texas) now due to it for $426,322 from Hammerhead. This amount was secured against Hammerhead's 12.5% WI in Pine Mills.

If not collected within 30 days, Nostra has the right to foreclose on the 12.5% WI within a further 30 days, without prejudice to still collecting the roughly $426,322 trade receivable. Nostra also has acquired a separate trade receivable due to GFP from Hammerhead in the amount of $293,785. This was also due payable immediately.

Nostra is an oil and gas exploration and production company with a portfolio of assets in the USA and Egypt.

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The sector's biggest risers were Xtract Resources [LON:XTR] and Solo Oil [LON:SOLO] - up by 40% and more than 9.3% respectively in late trading.

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The biggest fallers were President Energy [LON:PPC] and Quadrise Fuels [LON:QFI] - down by more than 6.4% and over 5.6% respectively.








At 4:08pm:

[LON:BOR] Borders Southern Petroleum PLC share price was -0.04p at 4.1p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.29p at 8.32p

[LON:ENQ] EnQuest Plc share price was +0.63p at 48.63p

[LON:GKP] Gulf Keystone Petroleum share price was -0.62p at 128.63p

[LON:GPX] Gulfsands Petroleum PLC share price was -0.25p at 11.63p

[LON:INDI] Indus Gas Ltd share price was +2.63p at 402.63p

[LON:NTOG] Nostra Terra Oil Gas Company PLC share price was +0.15p at 2.4p

[LON:PANR] Pantheon Resources PLC share price was +4.25p at 81.75p

[LON:PET] Petrel Resources PLC share price was 0p at 5.5p

[LON:PPC] President Energy Plc share price was -0.47p at 6.88p

[LON:RKH] Rockhopper Exploration PLC share price was +0.63p at 27.38p

[LON:RPT] Regal Petroleum PLC share price was +0.03p at 4.53p

[LON:SOLO] Solo Oil PLC share price was +0.04p at 0.41p

[LON:XTR] Xtract Resources Plc share price was +0.01p at 0.02p



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