Business
Spudding of Caddo
Spudding of Caddo.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n05 October 2006\n\n\nOctober 5, 2006\n\nPANTHEON RESOURCES PLC\n\nThird Well Spuds on Project Wharton Targeting Caddo Prospect\n\n• Pantheon's third well on Project Wharton spudded on October 3\n\n• Targeting the Caddo prospect with potential reserves estimated in a\n 0.895 to 2.76 billion cubic feet range\n\n• Well projected to take less than one month to drill on trouble-free basis\n\n• Pantheon is paying 25% of the drilling costs to earn an 18.75% working\n interest in Dakota\n\n• Pantheon is conducting an aggressive exploration campaign on Padre\n Island (Plum Deep) and Project Wharton (Caddo and Mohawk)\n\nThe Board of Pantheon Resources plc ('Pantheon') announces that it has been\ninformed by the operator, Everest Resource Company ('Everest'), that the Caddo \n#1 well spudded on October 3, 2006. This well is located in Wharton County,\nsouth Texas.\n\nThe Caddo #1 well is testing an extensional prospect on the Matthews SE Field\ncomplex. It is targeting two anomalies on the east flank of SE Matthews Field,\nThomas Field, and Lissie Field in the Frio and Yegua sections at 4,000 feet \n('ft') and 7,125 ft respectively. The prospect being targeted by the Caddo #1\nwell is considered low risk with conservative total reserve potential of 0.895\nbillion cubic feet ('bcf') and high side total reserve potential of 2.76 bcf.\n\nIn addition to the Yegua and Frio anomalies, this well might encounter other pay\nzones in the Frio, Miocene, and Yegua sections. Non-anomaly associated pays in\nthe Yegua, Miocene, and Frio increase the high side reserve potential. In the\nsurrounding fields, the potential to stack productive reservoirs in multiple\nsections makes this an attractive place to drill.\n\nThe shallower Frio objective has a conservative reserve potential of 0.375 bcf\nand a high-side potential of 1.2 bcf. The deeper Yegua horizon has an estimated\nreserve potential of between 0.52 bcf (conservative) to 1.56 bcf (high-side). As\nthe planned well depth is 7,500 ft, drilling time is scheduled to be less than\none month.\n\nSix additional prospects are located on the Caddo area of mutual interest \n('AMI') which covers around 1,175 acres. The locations target comparable Yegua\nand Frio anomalies, but Miocene objectives are also present in all of them.\nSuccess in Caddo #1 would make these very at...