Business
Project Wharton Spudded
Project Wharton Spudded.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n29 March 2007\n\n\nMarch 29, 2007\n\nPANTHEON RESOURCES PLC\n\nSixth Well Spuds on Project Wharton Targeting Baptist Prospect\n\n• Pantheon's sixth well on Project Wharton spudded on 28 March\n\n• Targeting the Baptist prospect with potential reserves estimated in a\n 0.15 to 1.6 billion cubic feet range\n\n• Well projected to take less than one month to drill on trouble-free\n basis\n\n• Pantheon is paying 15.00% of the drilling costs to earn an 11.25%\n working interest in Baptist\n\nThe Board of Pantheon Resources plc ('Pantheon') announces that it has been\ninformed by the operator, Everest Resource Company ('Everest'), that the Baptist\n#1 well spudded on 28 March, 2007. This well is located in Colorado County,\nsouth Texas. Drilling time is scheduled to be less than one month.\n\nThe Baptist #1 well is testing a large Frio seismic amplitude anomaly at 3,735\nfeet ('ft'). This was revealed by the Shell East Graceland 3D (vintage 1996).\nThe primary prospect being targeted by the Baptist #1 well is considered low\nrisk with conservative total reserve potential of 0.15 billion cubic feet ('bcf\n') and high side total reserve potential of 1.6 bcf. Baptist #1 also has\nadditional potential to find thinner Frio/Miocene reservoirs that do not produce\nseismic anomalies.\n\nBaptist #1 is the sixth well to be drilled on Project Wharton. Pantheon is\npaying 15% of the drilling costs to earn an 11.25% working interest in Baptist.\nIn the event of success, there is easy access to infrastructure.\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\n\nPantheon Resources Plc\nSue Graham, Chairman +44 20 7379 0118\n\nOriel Securities Limited\nScott Richardson Brown +44 20 7710 7600\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]