Business
Exploration Update
Exploration Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n02 March 2007\n\n\nMarch 2, 2007\n\nPANTHEON RESOURCES PLC\nPadre Island Drilling Update\n\nWilson\n\n •The Kindee ST 212 #1 well on the Wilson Structure was spudded on 7\n February 2007 (Texas, USA).\n •The well is at 9,101 feet and drilling ahead. The planned total depth of\n the well is 12,400 feet (measured depth).\n •Wilson is the second in a multi-well programme. It is targeting a shallow\n prospect in the Upper Frio system. Similar prospects have been found to be\n productive elsewhere on Padre Island.\n •Gross best estimate potential reserves (previously described as 'P50\n potential reserves') for Wilson have been assessed at 9 billion cubic feet.\n •The well should reach total depth by end March on a trouble-free basis.\n\n Working Interest (%)\nGolden Gate Petroleum Ltd 53.23\nPantheon Resources Plc* 31.77\nMedina Resources Ltd* 10.00\n* Subject to final documentation\n\nPlum Deep\n\n •Testing of Plum Deep's shallow zone, located behind the 7-inch liner,\n will be initiated once the results of the Wilson well are known. If testing\n is required on Wilson, the same rig would be used on both wells. This would\n deliver cost savings.\n •Core analysis results have now been received. These confirm that the\n sands in the deep section of Plum Deep have very low permeability. This is\n due primarily to the presence of calcite cement. For Plum Deep, this means\n that the deep reservoirs sampled are non-prospective.\n •Pantheon has a 25% working interest in Plum Deep\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\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 This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2568,"tagName":"div"}]