Business
Drilling Update- Padre Island
Drilling Update- Padre Island.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n29 August 2006\n\n\n August 29 2006\n\nPANTHEON RESOURCES PLC\n\nDrilling Update On Padre Island\n\n\n •The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1\n August 2006 (Texas, USA).\n\n\n •The operator encountered hole problems which required a deviation of the\n well. The problems have been rectified and as at 08:00 Texas time, 28 August\n 2006, the well was drilling ahead at a depth of 6,362 feet.\n\n\n •The Plum Deep structure is considered to be a world class exploration\n prospect. Gross best estimate potential reserves (previously described as\n 'P50 potential reserves') have been assessed in a 161-293 billion cubic feet\n ('bcf') range.\n\n\n •Pantheon is paying 33.33% of the well costs to earn a 25% working\n interest.\n\n\n •Well still expected to take a total of 65 days to drill\n\n\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\nGeology), Technical Director at Pantheon Resources Plc who has over 30 years\nrelevant experience within the sector.\n\nContacts:\n\nPantheon Resources Plc\n\nSue Graham, Chairman +44 20 7379 0118\n\nOriel Securities Limited\n\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 London Stock Exchange\n \n ","length":1548,"tagName":"div"}]