Business
Production Update
Production Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n08 March 2007\n\n March 8, 2007\n\nPANTHEON RESOURCES PLC\n\nProduction Update\n\nThe Board of Pantheon resources ('Pantheon') announces that the company's\ncombined production on a working interest basis averaged 113.1 thousand cubic\nfeet a day ('mcfd') in February. This represents a near tripling in monthly\noutput from January and reflects the commissioning of a third field, Caddo.\nPantheon's historic monthly production is provided in Table 1.\n\nTable 1: Monthly Net Production on Working Interest Basis (mcfd)\n Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec\n2006 2.1 33.5 28.3 35.1\n2007 42.1 113.1\n\nZebu (Pantheon 9.375%)\n\nZebu #1 was discovered in August 2006 and commenced production on September 29,\n2006. The well is currently producing around 215 to 220 ('mcfd'). Zebu\ndiscovered natural gas in two Frio sands. It is producing from the deeper zone\nat around 4,280 feet ('ft'). The primary objective, which encountered natural\ngas at around 3,750 ft, remains to be completed for production. The Joint\nVenture intends to produce from the secondary zone until depleted and then\ncomplete the primary zone higher up the well bore. The success has led the Joint\nVenture to plan on drilling another Zebu well in 2007.\n\nMohawk (Pantheon 18.75%)\n\nMohawk #1 was discovered in October 2006 and brought onstream on December 1,\n2006. It has been producing within a consistent 110 to 120 mcfd range since\nstart-up. Mohawk #1 encountered natural gas in both its primary and secondary\nFrio objectives.\n\nThe success at Mohawk has led the Joint Venture to plan to drill another Mohawk\nwell. The Mohawk #2 will test a slightly smaller amplitude anomaly (30 acres) at\n4,075 ft that is very similar to, but fault separated from the Mohawk #1\nanomaly. As this is not subject to the farm-in terms, it would have a higher\nvalue to Pantheon, if successful.\n\nCaddo (Pantheon 18.75%)\n\nCaddo #1 was discovered in October 2006 and brought onstream on February 8,\n2007. Gross production has been averaging around 370 mcfd.\n\nCaddo #1 encountered natural gas in a shallow Frio formation at around 4,470 ft.\nThe Caddo #1 discovery is particularly important. It is located in an area of\nmutual interest that covers a large area where six other prospects exist. These\ntarget comparable Yegua and Frio anomalies, but Miocene...