Business
Point Clair Drilling Update
Point Clair Drilling Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n03 March 2008\n\n\nPress release 3 March 2008\n\n\n Pantheon Resources plc - Drilling Commences on Point Clair Prospect\n\n\nPantheon Resources, the AIM-listed oil and gas exploration company active in the\nGulf of Mexico, is pleased to announce that the State Lease 19255 et al #1 well\nin Iberville Parish, Louisiana (the Point Clair prospect) spudded on 28\nFebruary. The Point Clair Prospect has gross best estimate potential reserves\n(previously described as 'P50 potential reserves' of nine million barrels oil\nequivalent.\n\nThe Point Clair prospect is a shallow Miocene development play identified as a\nresult of the 2005 Nottway Dome 3D seismic survey. The targets lie within the\nexisting unitized portion of the Docyville and Laurel Ridge fields. In addition,\nthere are targets located in deeper Oligocene zones.\n\nThis well is being drilled up-dip from a previously drilled well that\nencountered pay zones, but was not produced for mechanical reasons. As a result\nof these factors, the State Lease 19255 well is considered to be of relatively\nlow risk with a high probability of success. This well is part of Pantheon's\nhigh impact South Louisiana suite of wells. Bullseye, also located in Iberville\nParish, will be the next well to spud after Point Clair.\n\nPantheon is participating with a 7.5% working interest, carrying the farm-out\ncompanies for a 25% back-in after project payout. All costs will be recovered by\nPantheon prior to back-in by the farm-out partners and no revenues will be\nreceived by these companies until Pantheon attains payout.\n \n\nIn accordance with the AIM Rules, the information in this report has been\nreviewed and signed off by Jay Cheatham, who has over 30 years relevant\nexperience within the sector.\n\n\nFor further information on Pantheon Resources plc, see the website at\nwww.pantheonresources.com\n\n - end -\n\n\nFurther information:\n\nPantheon Resources PLC\n Jay Cheatham, CEO +44 20 7484 5359\n\nOriel Securities Limited\n Scott Richardson Brown +44 20 7710 7600\n\nNotes to editors:\n\nPantheon Resources plc\n\nPantheon Resources plc was formed in 2005 to be an independent gas exploration\ncompany focused on hydrocarbon producing basins onshore or near shore the Gulf\nof Mexico. On 5 April 2006, Pantheon was admitted to the AIM, having\nsuccessfully raised £10m fr...