Business
Addition to portfolio
Addition to portfolio.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n17 July 2007\n\nJuly 17, 2007\n\nPANTHEON RESOURCES PLC\n\nNew Venture Added to Pantheon's Louisiana Portfolio\n\n • Pantheon expands activities in Louisiana\n • Farming-into Bullseye prospect in Iberia Parish.\n • Two prospects are to be tested with one well, scheduled to commence in\n fourth quarter 2007.\n • Gross potential reserves are estimated at 12.5 million barrels of oil and\n 33 bcf of natural gas\n • Adjacent to South Louisiana venture and close to existing production at\n the Laurel Ridge field.\n • Pantheon now has three high impact prospects in its portfolio: Bullseye,\n South Louisiana and Padre Island.\n • This new project is consistent with Pantheon's stated strategy to focus on\n hydrocarbon exploration onshore or near shore in the GoM\n\nDetails of Farm-in\n\nThe Board of Pantheon Resources plc ('Pantheon') announces that it has\nfarmed-into an oil and natural gas exploration venture in Iberia Parish,\nLouisiana. This is located to the south-west of and adjacent to Iberville\nParish, where Pantheon has farmed-into its South Louisiana venture.\n\nThe farm-in covers one prospect, Bullseye, with leases covering 1,700 net acres\nThe Bullseye prospect is testing deeper untested fault blocks on the crest of\nthe Laurel Ridge field. Laurel Ridge is a 'turtle' feature (inverted basin)\nfeature discovered in 1944 by Humble Oil (ExxonMobil).\n\nAt Bullseye the intention is to test two deeper geopressured targets with one\nvertical well. These have combined gross best estimate potential reserves\n(previously described as 'P50 potential reserves') of 12.5 million barrels ('\nmmbo') of liquids and 33 billion cubic feet ('bcf') of natural gas.\n\nPantheon is participating with a 15% working interest ('WI'), carrying the\nfarm-out company, Hawkeye Stratigraphic Inc., for a 25% back-in to casing point.\nAt this point Hawkeye may elect to participate in the well. If this occurs,\nPantheon's working interest would fall to 11.25% and its net revenue interest\nwould be approximately 8.08%.\n\nThe cost of the first well is being finalised. However, it is estimated that the\ntotal expected total dry hole cost outlay to Pantheon is around US$0.81 million.\nPantheon is paying back-costs of just under US$0.15 million.\n\nThe well is currently scheduled to commence in fourth quarter 2007. It is\...