Business
Production Update-June 2007
Production Update-June 2007.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n25 June 2007\n\n\nJune 25, 2007\n\nPANTHEON RESOURCES PLC\n\nThis announcement replaces the announcement made on 25 June at 07:36, RNS number\n9295Y. Pantheon's Working Interest for Baptist #1 should read 11.25% and not\n11.5% as previously stated. The full amendment appears below.\n\nFourth Field Onstream At Project Wharton\n\nThe Board of Pantheon ('Pantheon') is pleased to report the start-up of\nproduction at its fourth natural gas field in its Project Wharton venture. The\nBaptist #1 well came onstream on June 19, 2007 at an initial rate of 310\nthousand cubic feet of natural gas per day (mcfd). Pantheon has an 11.25%\nworking interest ('WI') in Baptist.\n\nOutput from Baptist will augment existing production from Pantheon's three other\nnatural gas fields, Caddo (18.75% WI), Mohawk (18.75% WI) and Zebu (9.375% WI).\n\nA further two wells in and around the company's discoveries are currently\nscheduled for late 2007. As these are not subject to the farm-in terms, they\nwould have a higher value to Pantheon, if successful.\n\nSince its initial farm-into three projects in June 2006, Pantheon has farmed\ninto three more prospects and drilled six wells on Project Wharton. The current\ninterests and status of all prospects in which Pantheon has an interest are\nshown in table 1\n\nTable 1: Project Wharton and Pantheon's Interests\n\nProspect Pantheon Working Interest Status\nZebu #1 9.375% Producing\nCaddo #1 18.75% Producing\nDakota #1 18.75% P&A non-commercial shows\nMohawk #1 18.75% Producing\nBaptist #1 11.25% Producing\nKant #1 18.75% P&A non-commercial shows\n\n\nSource: Everest Resource Company\n\nProject Wharton provides Pantheon with low risk plays to balance the higher risk\n/reward plays at the PI Project Area. Overall exploration risk for the Project\nWharton prospects is regarded as low, ranging from 50% to 80%. This compares\nwith 15% to 36% for the deep JV of the PI Project Area.\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 Geology),\nTechnical Director at Pantheon Resources Plc, who has over 30 years relevant\nexperience within the sector.\n\nContacts:\n\nPantheon Resources Plc\nSue Graham, Chairman +44 20 7379 0118\n\nOriel Securities Limited\nScott Richardson Brown +44 20 7710 76...