Business
Zebu Production Test Result
Zebu Production Test Result.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n Pantheon Resources PLC\n23 August 2006\n\n\nAugust 23 2006\n\nPANTHEON RESOURCES PLC\n\nSuccessful Production Test Confirms Zebu Discovery as Commercial\n\nThe Board of Pantheon is pleased to confirm the company's first commercial\nnatural gas field after successful production tests were conducted on the Zebu #\n1 well. A series of production tests were carried out on a zone from 4,279 to\n4,290 feet using various choke sizes. A stabilised flow rate of 430 thousand\ncubic feet a day (mcfd) was attained on a 8/64' choke with no fluids and at 1360\npsi of pressure. The well is capable of flowing natural gas at significantly\nhigher rates. Production will be restrained, however, in order optimally to\nproduce the natural gas from this particular reservoir sequence.\n\nZebu #1 discovered gas in two geologic sections as reported on 10 August 2006.\nThe production tests were carried out in the deeper Frio section which was\nconsidered the secondary target. The primary target, located at around 3,750\nfeet, has not been tested. The Joint Venture intends to produce natural gas from\nthe secondary Frio zone until this has been depleted. It will then test and\ncomplete the primary target situated higher in the well bore.\n\nIt is envisaged that commercial production from Zebu #1 will commence within two\nweeks. Pantheon has a 9.375% interest in the Zebu #1 exploration well.\n\nThe cash flow that will be derived from Zebu, hopefully combined with other\ndiscoveries in this project area, should provide an earnings base for Pantheon.\nThe company's profile will start to change from a pure explorer.\n\nPantheon's Chairman, Sue Graham said: 'To have a commercial discovery from the\nfirst well since incorporation is a great result. The Board is particularly\nhappy that its first new venture since the IPO in April this year has delivered\nsuccess. The discovery of natural gas in both the primary and secondary\nformations is excellent and provides confidence for other exploration ventures\nin the general vicinity. There are follow-up drilling opportunities and the\nBoard and its technical advisers will now commence looking at these\nopportunities.'\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 which initially covered\nthree prospects. Apart from Zebu,...