Business
Zebu Drilling Update
Zebu Drilling Update.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n10 August 2006\n\n\n\nPANTHEON RESOURCES PLC\n\nNatural Gas Encountered at Zebu Prospect\n\nThe Board of Pantheon Resources plc ('Pantheon') is pleased to announce that the\nZebu #1 exploration well has encountered natural gas in both its primary and\nsecondary objectives. The Zebu #1 well was drilled to test a primary 3-D seismic\namplitude anomaly indicated at 3,750 feet and a secondary objective in a deeper\nsection at 4,280feet.\n\nElectric logs have now confirmed the presence of natural gas pay in the primary\nobjective from 3750ft to 3758ft and also in a deeper sand from 4280ft to 4292ft.\nAs a result of the positive log confirmation, the decision has been made to\ncomplete the well for production testing. Production testing and the reporting\nof natural gas flow rates should occur in the coming weeks.\n\nZebu #1 was the first well to be drilled on Project Wharton, a farm-in concluded\nin June 2006. The Zebu discovery is on trend with numerous other prolific\nshallow Frio/Miocene producers in the immediate vicinity that have produced\nseveral billion cubic feet ('bcf') of natural gas.\n\nSuccess at Zebu will lead to numerous additional drilling opportunities within\nthe surrounding acreage which would represent a material reserve addition to\nPantheon. These are also regarded as low risk, ranging from 50% to 80%, with\ngood early cash flow generation potential.\n\nPantheon's Chairman, Sue Graham said: 'Pantheon is delighted to have drilled and\nmade a discovery with its first exploration well since company inception early\nthis year. This discovery, Zebu, was made in Pantheon's new project area\n(Wharton County) which was acquired post-IPO. Pantheon is currently involved in\na four well programme in this new project area. Based on the early success\nPantheon has achieved, activity may be increased. Pantheon has numerous drilling\nopportunities in and around Project Wharton. The successful production testing\nof Zebu will lead to immediate cash flow for Pantheon and turn the company from\na pure exploration company to a producer as well.\n\nPantheon is also drilling a high impact well at Padre Island, named Plum Deep.\nPlum Deep is regarded as having a higher risk/reward than Zebu. The most likely\ntarget size at Plum Deep is 161-293 bcf. The Zebu discovery, combined with the\ncurrent drilling at ...