Business
Natural Gas Encountered
Natural Gas Encountered.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n10 April 2007\n\n\n\nApril 10, 2007\n\nPANTHEON RESOURCES PLC\n\nNatural Gas Encountered at Baptist Prospect\n\nThe Board of Pantheon Resources plc ('Pantheon') is pleased to announce that the\nBaptist #1 exploration well has encountered natural gas in both its primary and\nsecondary objectives. The Baptist #1 well was drilled to test a large Frio\nseismic amplitude anomaly revealed by the Shell East Graceland 3D (vintage\n1996).\n\nElectric logs analyses and formation tests have now confirmed the presence of\nnatural gas pay in both the primary and secondary objectives. As a result of the\npositive log confirmation, the decision has been made to complete the well for\nproduction testing. The results of the production testing should be communicated\nin the coming weeks.\n\nBaptist #1 was the sixth well to be drilled on Project Wharton, a farm-in\nconcluded in June 2006. Pantheon is paying 15% of the drilling costs to earn an\n11.25% working interest in Baptist.\n\nPantheon has now had four successes on its Project Wharton acreage from six\nwells drilled which represents a high degree of success. Pantheon now has three\nproducing fields in the Project Wharton area. Despite its current small size, it\nis growing and providing a more solid earnings base. The Company has at least a\nfurther 13 prospects on its Project Wharton venture remaining to be drilled. The\nhistoric high exploration success rate gives confidence for further growth.\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 This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2058,"tagName":"div"}]