Business
Spudding of Kant
Spudding of Kant.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n02 January 2007\n\n\nJanuary 2, 2007\n\nPANTHEON RESOURCES PLC\n\nAggressive Exploration Campaign Continues on Project Wharton\n\n• Pantheon boosting its aggressive exploration campaign on Project\n Wharton.\n\n• Two new exploration prospects targeted; Baptist and Kant.\n\n• Kant #1 well spudded on December 29, 2006 with potential reserves\n estimated in a 0.25 to 2.0 billion cubic feet range.\n\n• Initial success rate on Project Wharton at 75%\n\n• Further three wells in and around recent discoveries are currently\n scheduled for 2007.\n\n• Project Wharton now producing natural gas from two wells with third\n due on-stream shortly\n\n• This represents an important income stream for Pantheon with\n attractive near term financial returns.\n\nThe Board of Pantheon Resources plc ('Pantheon') announces that it has been\ninformed by the operator, Everest Resource Company ('Everest'), that the Kant #1\nwell spudded on December 29, 2006. This well is located in Colorado County,\nsouth Texas.\n\nThe Kant #1 well is testing is testing a large Frio seismic amplitude anomaly at\n3,240 feet ('ft'). This anomaly covers 100 acres and was located using\n3D-seismic. The primary objective being targeted by the Kant #1 well has a\nconservative reserve potential of 0.25 billion cubic feet ('bcf') and a high\nside reserve potential of 2.0 bcf. The Kant anomaly is comparable to anomalies\nassociated with productive reservoirs nearby. Kant #1 also has additional\npotential to find thinner Frio/Miocene reservoirs that do not produce seismic\nanomalies. These would boost high side reserve potential in the event of\nsuccess.\n\nThe Kant objective sits in a favourable structural position. It appears to be on\na regional high in the middle of a trend of prolific shallow Frio/Miocene\nproduction. This combination of structural high and high quality amplitude\nanomaly makes a very attractive drilling target.\n\nKant #1 is the fifth well to be drilled on Project Wharton, a farm-in concluded\nwith Everest in June 2006. Pantheon is paying 25% of the drilling costs to earn\nan 18.75% working interest in Kant. In the event of success, there is easy\naccess to infrastructure.\n\nSince its initial farm-into three projects in June 2006, Pantheon has farmed\ninto three more prospects and drilled four wells on Project Wharton....