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Shares in oil and gas outfit Pantheon Resources (LON:PANR) climbed 6.62% to 17.71p after it appointed Professor Eric van Oort as a technical consultant, a noted expert in well construction and performance optimisation who has previously held senior roles with Shell. Management believe that the appointment can help solve operational issues that have affected previous drilling campaigns.
The company also said that negotiations with the estate of Bobby Gray are advanced, with Pantheon looking to take 100% ownership of their joint venture projects in East Texas.
Chief Executive Jay Cheatham commented: “I am truly delighted Pantheon has attracted an industry expert of the calibre of Professor Dr. Eric van Oort. In securing his services as a consultant to the company, I have no doubt he will bring his widely recognised expertise to bear as our project in east Texas advances. Preliminary work has already begun in Tyler County to clear the trees along the right of way in preparation for the installation of the gathering line connecting VOS#1 to the Enterprise pipeline. Anticipated cash flow from gas sales from VOS#1 alone should more than cover Pantheon’s annual overheads.“