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Pantheon Resources says Texas projects halted before Storm Harvey
August 30, 2017 / 7:03 AM / a month ago

Pantheon Resources says Texas projects halted before Storm Harvey

(Reuters) - Oil and gas explorer Pantheon Resources Plc (PANR.L) said its operations in east Texas were suspended in advance of the tropical storm Harvey, which has led to a shutdown of nearly a fifth of U.S. oil-refining capacity.

Pantheon said it had no information showing that any of the wellheads or associated facilities had been compromised by high water levels, however the human resource needed on site to continue operations had been impacted.

The AIM-listed company, which has a working interest in several conventional projects in Tyler and Polk counties, said it would likely be early September before it could assess any damage to the locations and roads.

Oil prices slid on Wednesday as refinery shutdowns in the wake of Hurricane Harvey cut U.S. demand for crude, the most important feedstock for the petroleum industry.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.36 per barrel at 0640 GMT, down 8 cents from their last close.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier

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