Business
AGM Statement - Replacement
AGM Statement - Replacement.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n25 January 2008\n\n\nThe following amendment has been made to RNS 5780M\n\nProduction for the October to December 2007 period averaged 1.1 mmcfd and not as\noriginally shown.\n\nAll other details are unchanged.\n\n\n Pantheon Resources plc - AGM Statements\n\nPantheon Resources, the AIM-listed oil and gas exploration company active in the\nGulf of Mexico, held its AGM today. The following statement was made by the\nnon-executive Chairman, Sue Graham\n\n'In the period since the last Annual General Meeting the Company has evolved\nsignificantly and positively. The past 12 months have put the company on an\nimproved footing, despite a non-commercial well in the deeper sections of Plum\nDeep on Padre Island.\n\nA nine well drilling programme since the IPO has yielded six discoveries. Three\nof these were made since the last AGM, including the two most significant;\nWilson and Dunn Deep #2. These two were brought on-stream within the last six\nmonths. This has led to Pantheon's net production on a working interest ('WI')\nbasis rising sharply from around 80 thousand cubic feet a day ('mcfd') at end\nJune to over one million cubic feet a day ('mmcfd') at year end. Production for\nthe October to December 2007 period averaged 1.1 mmcfd. In future, production\nfigures will be released on a quarterly basis in line with industry practice and\nwill be published on the website.\n\nPantheon faces an active and exciting drilling programme over the next six to\ntwelve months. The company is currently drilling a high-impact oil and gas\nprospect in South Louisiana on the Nottoway Prospect. Pantheon also has a\nfurther two high impact prospects at Bullseye and Point Clair, both located in\nSouth Louisiana. In 2008 these three wells will test a P-50 reserve potential of\naround 5 million barrels of oil equivalent ('mmboe') net to Pantheon on a WI\nbasis. In view of these and other opportunities, Pantheon has decided against\nparticipating in the drilling of the Manzano prospect. Review of the overall\ncommercial terms and the known increase in risk profile compared with these\nother opportunities are the key factors behind this decision.\n\nFinancially, since the financial year-end Pantheon has raised £900,000 by way of\na placing of 1.5 million shares. The proceeds from this placing, together with\nrevenues from the co...