Business
Padre Island -Rig on location
Padre Island -Rig on location.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n19 July 2006\n\n\nPantheon Resources Plc\n\nPadre Island - Rig On Location Ahead of Planned Drilling Programme Commencing\nEnd July\n\n• Drilling rig on location at Padre Island\n\n• First well to be drilled, Kindee ST 212 #1 on Plum Deep structure,\n projected to commence on or about 25 July\n\n• Start of active drilling programme on Padre Island for Pantheon with four\n wells scheduled to be drilled over 18 month period\n\n• Three have potential for major reserve additions and early cash flow to\n Pantheon\n\n• Will co-incide with low risk exploration programme in south Texas which\n complements the moderate risk Padre Island drilling programme\n\nPantheon Resources Plc ('Pantheon') announces that it has been informed by the\nOperator of the Padre Island Project Area, ('PI Project Area'), Golden Gate\nPetroleum Ltd ('Golden Gate') that Parker Drilling's rig number 122 is now on\nlocation on Padre Island. Spudding of the Kindee ST 212 #1 well on the Plum\nDeep structure is scheduled on or around 25 July. The rig will be on contract to\nGolden Gate for twelve months with options to extend for up to a further two\nyears by six month intervals.\n\nThis well will initiate an active drilling programme on the Padre Island Joint\nVenture ('PIJV'). Pantheon expects to be involved in the drilling of four\nexploration wells over an 18 month period (see table 1). The exact timing and\norder of the drilling programme remain dependent on the receipt of final\nlocation approvals from the relevant authorities.\n\nTable 1: Pantheon - Projected Drilling Programme\n\nProspect/ Target/Type Estimated Start Pantheon Golden IB\nWell Date Resources Gate Daiwa\n\nPlum Deep* Deep/ July 2006 25% 37.5% 37.5%\n exploration\nWilson* Shallow/ September 2006 25% 37.5% 37.5%\n exploration\nManzano* Deep/ October 2006 25% 37.5% 37.5%\n exploration\nMurdok Deep/ First quarter 2007 25% 37.5% 37.5%\nSouth* exploration\n\n*Operated by Golden Gate\n\nThe Plum Deep well is considered a key exploration well with gross best estimate\npotential resources (previously described as 'P50 potential reserves') estimated\nto be in a 161-293 bcf range. This represents potential material upside for\nPantheon's shareholders in the event of success. Drilling costs are estimated to\nbe around US$10.3 million.\n\nPlum Deep lies within the same f...