Business
Drilling Programme Update
Drilling Programme Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n15 August 2007\n\nAugust 15, 2007\n\nPANTHEON RESOURCES PLC\n\nActive Drilling Programme Commences With Spudding of La Playa Deep Development\nWell\n\n • Active drilling programme has commenced on Pantheon's portfolio. Scheduled\n to extend into first quarter 2008.\n • First well spudded on August 11, 2007. Development well on La Playa Deep\n discovery.\n • First of two development projects on Padre Island; La Playa Deep and\n Wilson.\n • Drilling on high-impact exploration ventures scheduled to commence late\n third quarter 2007 with testing of White Castle prospect on South Louisiana.\n • Testing of shallower zones on Plum Deep scheduled to commence by end\n August.\n • Expanded asset portfolio through series of strategic farm-ins with local\n partners\n • Created diverse portfolio with potential for major growth in reserves and\n production\n • Ventures are mix of moderate and low risk prospects.\n • Two prospects have significant oil reserve potential\n • Maintaining strategic focus on hydrocarbon exploration and production\n onshore/near shore Gulf of Mexico\n\nDrilling Programme\n\nThe Board of Pantheon resources plc ('Pantheon') is pleased to announce the\ncommencement of an active drilling programme expected to continue into first\nquarter 2008. The spudding of the La Playa Mid-Frio Unit #2 well ('La Playa Deep\n#2') on August 11, 2007 instigated the programme. This is the first well on\nPantheon's two development projects; La Playa Deep and Wilson. A second\ndevelopment/appraisal well on Wilson is planned following production testing on\nthe original discovery well. Separately, a testing programme on the shallower\nzones encountered during the drilling of Plum Deep is scheduled to commence by\nend-August 2007.\n\nDrilling on Pantheon's high-impact exploration ventures is scheduled to commence\nin late third quarter 2007 with the spudding of the first well on the South\nLouisiana venture, White Castle. This is currently expected to be followed by\nthe drilling of the Bullseye prospect on the separate Bullseye venture also\nlocated in Louisiana.\n\nThe following table provides a preliminary well schedule as currently indicated\nby the operator for each venture.\n\n\n\nPantheon - Scheduled Drilling Programme\nVenture Prospect Potential Gross WI (%) Scheduled Spud Date Est. Dry...