Business
Spudding of Dakota
Spudding of Dakota.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n21 September 2006\n\n\nSeptember 21, 2006\n\nPANTHEON RESOURCES PLC\n\nSecond Well Spuds on Project Wharton Targeting Dakota Prospect\n\n• Pantheon's second well on Project Wharton spudded on September 19\n\n• Targeting the Dakota prospect with potential reserves in a 2.13 to 5.68\n 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 25% of the drilling costs to earn an 18.75% working\n interest in Dakota\n\n• Natural gas sales from Zebu discovery projected to commence within 10\n days. Initial production rates estimated to be 400 mcfd (gross)\n\n• Pantheon is conducting an aggressive exploration campaign on Padre\n Island and Project Wharton\n\nThe Board of Pantheon Resources plc ('Pantheon') announces that it has been\ninformed by the operator, Everest Resource Company ('Everest'), that the Dakota\n#1 well spudded on September 19, 2006. This well is located in Wharton County,\nsouth Texas.\n\nThe Dakota #1 well is testing an extensional prospect on the south-east flank of\nthe Lissie Field complex. It is targeting two stacked Frio amplitude anomalies\nat 4,125 feet ('ft') and 4,475 ft. The prospect being targeted by the Dakota #1\nwell is considered low risk with conservative total reserve potential of 2.13\nbillion cubic feet ('bcf') and high side total reserve potential of 5.68 bcf.\n\nThe shallower objective has a conservative reserve potential of 0.9 bcf and a\nhigh-side potential of 2.4 bcf. The deeper horizon has an estimated reserve\npotential of between 1.23 bcf (conservative) to 3.28 bcf (high-side). As the\nplanned well depth is 5,300 ft, drilling time is scheduled to be less than one\nmonth.\n\nThere is Frio production in the immediate vicinity of Dakota. Two reservoirs are\nmost analogous to the Dakota anomalies. The South Lissie Frio 4,400 ft reservoir\nproduced 1.345 bcf from three wells. The South Lissie Frio 4,000 ft reservoir\nproduced 727 million cubic feet (mmcf) from two wells in two distinct anomalies.\n In addition to the Frio anomalies, the proposed well might encounter other pay\nzones in the Frio and Miocene sections.\n\nSeven additional prospects are located on the Dakota area of mutual interest ('\nAMI') which covers around 1,950 acres. Six of the locations target comparable\nFrio anom...