The explorer, which saw its shares plummet on Monday, had to temporarily suspend drilling operations at its VOBM2 well in Polk County in favour of plugging back and re-entering later.
The move comes after the well, which targeted conventional Eagle Ford sandstone, was hit by a series of equipment failures during drilling of the horizontal section.
"The Eagle Ford sandstone, when drilled horizontally, apparently presents abnormally abrasive characteristics, often reducing the rate of penetration to less than two foot per hour, regularly destroying diamond PDC bits after a few hours of service," Pantheon said.
"After
