Business
Update re drilling rig
Update re drilling rig.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n09 June 2006\n\nPantheon Resources Plc\n\n 30 Farringdon Street\n London\n EC4A 4HJ\n\n\nPadre Island - Rig Released to PI Project Area Operator Prior to Planned\nDrilling Programme\n\nPantheon Resources Plc ('Pantheon') announces that it has been informed by the\nOperator of the Padre Island Project Area, ('PI Project Area'), Golden Gate\nPetroleum Ltd ('Golden Gate'), that Parker Drilling's rig number 122 was\nreleased on 28 May. The rig is expected to arrive on site late June 2006. The\nrig will be on contract to Golden Gate for twelve months with options to extend\nfor up to a further two years by six month intervals.\n\nOnce on location, the rig will commence an active drilling programme on the\nPadre Island Joint Venture ('PIJV'). Pantheon expects to be involved in the\ndrilling of four exploration wells over an 18 month period. The exact timing and\norder of the drilling programme remain dependent on the receipt of final\nlocation approvals from the relevant authorities.\n\nPantheon is participating initially in six prospects as a result of a farm-out\nagreement with Golden Gate concluded in April 2006. The prospect inventory\ncomprises primarily large, high-quality natural gas plays in an under-explored\ndeep section of the Gulf of Mexico. As a result of this agreement Pantheon will\nearn a 25% working interest in each prospect by paying 33.333% of the costs\nassociated with drilling each prospect up until the point of casing. The\nprospects covered by this farm-in are:\n\n • Plum Deep, from 9,500 to 15,000 feet;\n\n • Manzano Deep, from 10,500 to 16,500 feet;\n\n • Murdock, all depths from surface;\n\n • Lemonseed, all depths below 9,100 feet;\n\n • Wilson, all depths from surface; and\n\n • Kingsway, all depths from surface.\n\nThese prospects are all covered by 3D seismic. In the view of the Board of\nPantheon, the deep JV of the PI Project Area is a moderate risk (POS 15% to\n36%), high reward exploration venture. It offers the potential, if successful,\nof major value accretion to the Company and its shareholders.\n\nContacts:\nPantheon Resources Plc\nSue Graham, Chairman +44 20 7379 0118\n\nOriel Securities Limited\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,"t...