The well will be drilled to a depth of approximately 15,000ft, and will target the Eagleford / Woodbine sandstone prospect, which was identified using 3D seismic analysis and other technical data.
The JV expects the prospect to be geologically analogous to the nearby Double A Wells field.
Pantheon CEO Jay Cheatham said: "Today’s announcement is an important milestone in Pantheon’s history and follows many years work in studying, identifying and leasing these high impact drilling prospects which, if successful, have the potential to be transformational for our company.
"We are targeting a 50% share of Potential P50 prospective recoverable resource of 301mmboe.
"If successful these wells have the potential to be profitable at below $30 bbl given the abundant infrastructure present in the area and the anticipated exceptional reservoir qualities."
The drilling of VOBM#1 starts the company’s two well drilling program, and is expected to be completed in 50 days. Pantheon owns 50% stake in the well.
Upon completion of VOBM#1 drilling, the rig will be used at the second well in Tyler County acreage, which will target the Eagleford / Woodbine, and the Austin Chalk.
