Pantheon Resources: CEO Interview - Reverting to vertical drilling
Shares in ‘Pantheon Resources’ the AIM-quoted oil and gas exploration company are having a hard time this September after an attempt at drilling the second well at Polk country ended up in a series of equipment failures.
Jay Cheatham, CEO, Pantheon Resources PLC sheds light on the failure of horizontal drilling, reverting to vertical drilling and future prospects.
After watching this segment, investors will realize that it was a temporary setback mainly caused by IR & PR failure. Attempting to drill horizontally was not a bad deal as it could have saved time and money. The failure too is a temporary setback. More importantly the company has a smooth learning curve and has reverted to vertical drilling. Pantheon‘s third well will be sunk to a depth of 14,250 feet into the Eagle Ford sandstone over 40-50 days.