Business
Spudding of Plum Deep
Spudding of Plum Deep.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n02 August 2006\n\nPANTHEON RESOURCES PLC\n\nFirst Well Spuds on Padre Island targeting Large Plum Deep Structure\n\n • Pantheon's first well commenced drilling on August 1 at Padre Island\n\n • Projected to take 65 days to drill on trouble-free basis\n\n • Targeting the large Plum Deep structure with best estimate reserves in a\n 161-293 bcf range\n\n • Initiates exciting 18 month exploration programme for Pantheon on Padre\n Island with at least four wells scheduled to be drilled\n\n • Three are considered to be high impact with potential for major reserve\n additions and early cash flow to Pantheon\n\nThe Board of Pantheon Resources plc ('Pantheon') announces that it has been\ninformed by the operator, Golden Gate Petroleum ('Golden Gate'), that the Kindee\nST 212 #1 well spudded on August 1 2006 at 20.30 hours Texas time. Proposed\ntotal vertical depth of the Kindee ST 212 #1 well is about 15,000 feet. The well\nshould reach total depth in 65 days on a trouble free basis.\n\nLocated on Padre Island, this well is targeting the large Plum Deep structure.\nGross best estimate potential reserves (previously described as 'P50 potential\nreserves') have been assessed in a 161-293 billion cubic feet ('bcf') range.\n\nThis well initiates an active drilling programme on the Padre Island Joint\nVenture ('PIJV'). Pantheon expects to be involved in the drilling of at least\nfour exploration wells over an 18 month period (see table 1). The exact timing\nand order of the drilling programme remain dependent on the receipt of final\nlocation approvals from the relevant authorities.\n\nTable 1: Pantheon Resources - Projected Drilling Programme\n\nProspect/Well Target/Type Gross P50 Est. Start Pantheon Golden IB Daiwa BNP\n Reserves Date Resources Gate\n (bcf)**\nPlum Deep* Deep/exploration 161-293 1 August 2006 25% 37.5% 37.5% -\n\nWilson* Shallow/exploration 5-10 September 25% 37.5% 37.5% -\n 2006\nManzano* Deep/exploration 178-337 October 2006 25% 37.5% 37.5% -\n\nMurdock South* Deep/exploration 94-232 First qtr 25% 37.5% 37.5% -\n 2007\nLemonseed* Deep/exploration 87-123 Second qtr 25% 22.5% 22.5% 30%\n 2007\nKingsway* Deep/exploration 16-20 Second half 25% 37.5% 37.5% -\n 2007\n\n*Operated by Golden Gate\n\n**This range is based on various studies conducted on the acreage including\nGolden Gate and Pan...