Business
Dakota Well Result
Dakota Well Result.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n29 September 2006\n\n\nSeptember 29, 2006\n\nPANTHEON RESOURCES PLC\n\nDakota #1 Well Non-commercial\n\nThe Board of Pantheon Resources plc ('Pantheon') announces that it has been\ninformed by the operator, Everest Resource Company ('Everest'), that the Dakota\n#1 well reached a total depth ('TD) of 5,253 feet on September 25, 2006. A full\nsuite of electric logs was run on September 26. The results of the log\ninterpretation indicated that a formation test of three zones was justified.\nBoth natural gas and formation water were recovered from all three zones.\nUnfortunately, due to the presence of formation water a decision was made to\nplug and abandon ('P&A') the well as non-commercial.\n\nDakota #1 was the second well to be drilled on Project Wharton, a farm-in\nconcluded with Everest in June 2006. Seven additional prospects are located on\nthe Dakota area of mutual interest ('AMI') which covers around 1,950 acres.\nThese still remain attractive targets for future drilling. As these are not\nsubject to the farm-in terms, they would have a higher value to Pantheon.\n\nThe rig is now moving from the Dakota #1 location to prepare for drilling the\nMohawk #1 prospect. This is scheduled to spud within seven days. Another rig has\nbeen allocated to drill the Caddo prospect, which is also expected to spud\nwithin the same period. Pantheon is paying 25% of the drilling costs to earn an\n18.75% working interest in both Mohawk and Caddo. Both prospects are located in\nWharton County, south Texas.\n\nFirst natural gas sales from the Zebu discovery are scheduled to commence\nshortly. Start-up has been delayed due to heavy rains which have interrupted the\nlaying of the pipeline connections. The initial production rate is projected to\nbe 400 thousand feet a day ('mmcfd'). Pantheon has a 9.375% working interest in\nZebu.\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\nOriel Securities Limited\nScott Richardson Brown +44 20 7710 7600\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the L...