Business
Drilling update
Drilling update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n RNS Number : 1849C Pantheon Resources PLC 28 August 2008 \n \n \n\n\n\n\n\n\nPress release\n\n\n 28 August 2008\n\n\n\n\n\n\nPantheon Resources plc - Drilling Update \n\nPantheon Resources plc ('Pantheon') or ('the Company'), the AIM-quoted oil and gas exploration company active in the Gulf of Mexico, issues the following drilling update.\nBullseye Update\nAs of Wednesday 27 August 2008, the cased hole logs discussed in the announcement released 26 August 2008 were run at the Jumonville #1 well. The logs show approximately 40 feet of net pay in the Miogyp sand (primary target) and a further 32 feet of net pay in the Camerina sand approximately 200 feet above the Miogyp. These two reservoir thicknesses are above pre-drill estimates.\nGolden Gate Petroleum Ltd, the operator, has estimated potential reserves of 16 million barrels of oil equivalent (MMBOE) for the Miogyp and preliminarily several MMBOE for the Camerina. The flow test is anticipated to begin within the next week, which will further define the size and commercial significance of this discovery.\nThe Bullseye prospect also has a deeper Cib Haz target which was not tested in the Jumonville #1 well. The probability of success for the Cib Haz has increased with the success in the Miogyp. The Cib Haz has a mean target size of 20+ MMBOE, which will be tested in the follow up well.\nPantheon is participating with a 15% working interest in the Bullseye prospect prior to back-in rights. Should back-in occur, Pantheon will participate with an 11.25% working interest. \nJay Cheatham, CEO of Pantheon Resources, said, 'Pantheon is obviously excited by the large potential now determined for the Bullseye prospect. The commercial significance will be determined by the planned production testing operations over the coming weeks and by the follow up wells.'\nIn accordance with the AIM Rules, the information in this announcement has been reviewed and approved by Jay Cheatham, who has over 30 years' relevant experience within the sector.\nFor further information on Pantheon Resources plc, see the website at \nwww.pantheonresources.com\n- end -\n \nFurther information:\n\nPantheon...