Business
Caddo #1 Well Result
Caddo #1 Well Result.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n17 October 2006\n\n\n\n\n October 17, 2006\n\nPANTHEON RESOURCES PLC\n\nNatural Gas Encountered at Caddo Prospect\n\nThe Board of Pantheon Resources plc ('Pantheon') is pleased to announce that the\nCaddo #1 exploration well has encountered natural gas. The Caddo #1 well was\ndrilled to test an extensional prospect on the Matthews SE Field complex. It was\ntargeting two anomalies on the east flank of SE Matthews Field, Thomas Field,\nand Lissie Field in the Frio and Yegua sections at 4,000 feet ('ft') and 7,125\nft respectively.\n\nElectric logs analyses and formation tests have now confirmed the presence of\nsome five to eight ft of net natural gas pay in the shallower objective. As a\nresult of the positive log confirmation, the decision has been made to complete\nthe well for production testing. The results of the production testing should be\ncommunicated in the coming weeks.\n\nCaddo #1 was the fourth well to be drilled on Project Wharton, a farm-in\nconcluded in June 2006. Pantheon is paying 25% of the drilling costs to earn an\n18.75% working interest in Mohawk.\n\nSix additional prospects are located on the Caddo area of mutual interest ('AMI\n') which covers around 1,175 acres. The locations target comparable Yegua and\nFrio anomalies, but Miocene objectives are also present in all of them. Success\nin Caddo #1 would make these very attractive drilling targets. As these are not\nsubject to the farm-in terms, they would have a higher value to Pantheon.\n\nIn accordance with the AIM Rules, the information in this report has been\nreviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),\nTechnical Director at Pantheon Resources Plc, who has over 30 years relevant\nexperience within the sector.\n\nContacts:\n\nPantheon Resources Plc\nSue Graham, Chairman +44 20 7379 0118\n\nOriel Securities Limited\nScott Richardson Brown +44 20 7710 7600\n\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]