Business
Update on Wilson Prospect
Update on Wilson Prospect.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n01 February 2007\n\n\nPantheon Resources update on Wilson Prospect\n\n\nWorking Interest\n\n\n• As a result of a farm in to the Wilson prospect by Cinco Resources Inc, \n Pantheon's original 25% working interest in Wilson prospect has been\n reduced by 4.875%.\n\n• Separately however Pantheon has agreed in principle, subject to execution of \n contracts, to farm into an additional 7.5% of the Wilson prospect on a 'heads \n up' basis. 'Heads up' means that Pantheon will bear 7.5% of the costs for its \n 7.5% working interest. It will not therefore be subject to any premium or \n 'promote' on this component.\n\n• Overall, subject to the latter transaction being completed, the net effect is \n that Pantheon's working interest in Wilson will increase from the original \n 25% to 27.625% on more favourable terms.\n\n\nIn summary the working interests in the Wilson Prospect are as follows:\n\n Working Interest (%) % Share of Drilling Costs to\n Casing Point\n\nGolden Gate Petroleum Ltd 47.375 40.670\n\nPantheon Resources Plc* 27.625 34.330\n\nCinco Resources Inc 15.000 15.000\n\nMedina* 10.000 10.000\n\n* Subject to final documentation\n\n\nExpected Drilling Timetable\n\n\n• Expected to spud mid February.\n\n• The Parker Rig is currently being rigged up on location at the Wilson pad.\n\n• The operator expects the well to be completed by the end of March.\n\n• The Wilson well will be targeting the upper Frio system at similar depths to \n existing production on Padre Island such as at La Playa Deep and La Playa \n Shallow to the north, and Dunn Peach #6 to the south.\n\n• This is a different system to that which was tested at Plum Deep.\n\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\nPantheon Resources Plc\n\nJustin Hondris +44 20 7379 0118\nOriel Securities Limited\n\nScott Richardson Brown +44 20 7710 7600\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2823,"tagName":"div"}]