“This well is closer to the centre of the West Double A Wells mini-basin and, if successful, will add to existing production and cash flow,” said Jay Cheatham, chief executive.
“Given this location, I expect this to be an excellent well.”
The company’s 75% owned well is designated as a "step out development well" following on from the VOBM-1 well. It will be drilled to a vertical depth of 14,500 feet, and the programme is due to take some 45 days assuming it is “trouble free”.
If it is successful, it is expected that the well can be hooked into the Polk County gas processing facility, via the VOBM-1 location.
The company added that production from the Polk County gas processing facility is currently averaging 3,000mcf per day and it said that output from the VOBM-1 is showing reduced rates.
"The reduced production volumes through our Polk County gas plant aren't what we anticipated, but need to be better understood before we can make a more informative assessment of any implications,” Cheatham added.
“Certainly in the most important well, VOBM-1, I remain confident that this well should exceed our P50 estimates and be an extremely good well for us.”
Pantheon shares dropped 19.5% on Wednesday, to trade at 56p.