Business
Zebu brought on-stream
Zebu brought on-stream.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n03 October 2006\n\nOctober 3, 2006\n\nPANTHEON RESOURCES PLC\n\nZebu Natural Gas Field Brought On-stream\n\n\nThe Board of Pantheon Resources plc ('Pantheon') is pleased to announce that the\nZebu field was brought on-stream on September 29, 2006 at a rate of 500 thousand\ncubic feet a day ('mmcfd'). Pantheon has a 9.375% working interest in the Zebu\nfield.\n\nZebu is producing from a Frio sand between 4,280 feet ('ft') to 4,292 ft which\nwas the secondary target in the discovery well. The primary target, located at\naround 3,750 ft and also in a Frio section, remains to be tested. The Joint\nVenture intends to produce natural gas from the secondary Frio zone until this\nhas been depleted. It will then test and complete the primary target situated\nhigher in the well bore.\n\nEasy access to infrastructure has enabled Pantheon to generate cash flow quickly\nfrom the Zebu field, which came on-stream within five weeks of it being declared\ncommercial. The cash flow derived from Zebu should also provide an earnings base\nfor Pantheon.\n\nZebu #1 was the first well to be drilled on Project Wharton, a farm-in concluded\nwith Everest Resource Company ('Everest') in June 2006. Pantheon has several\nmore wells planned in the Project Wharton area. Drilling on both the Mohawk #1\nand Caddo #1 targets are scheduled to spud shortly. Pantheon is paying 25% of\nthe drilling costs to earn an 18.75% working interest in both Mohawk and Caddo.\nBoth prospects are located in Wharton County, south Texas.\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\nSue Graham, Chairman +44 20 7379 0118\n\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":2313,"tagName":"div"}]