Pantheon Resources PLC
29 September 2006
September 29, 2006
PANTHEON RESOURCES PLC
Dakota #1 Well Non-commercial
The Board of Pantheon Resources plc ('Pantheon') announces that it has been
informed by the operator, Everest Resource Company ('Everest'), that the Dakota
#1 well reached a total depth ('TD) of 5,253 feet on September 25, 2006. A full
suite of electric logs was run on September 26. The results of the log
interpretation indicated that a formation test of three zones was justified.
Both natural gas and formation water were recovered from all three zones.
Unfortunately, due to the presence of formation water a decision was made to
plug and abandon ('P&A') the well as non-commercial.
Dakota #1 was the second well to be drilled on Project Wharton, a farm-in
concluded with Everest in June 2006. Seven additional prospects are located on
the Dakota area of mutual interest ('AMI') which covers around 1,950 acres.
These still remain attractive targets for future drilling. As these are not
subject to the farm-in terms, they would have a higher value to Pantheon.
The rig is now moving from the Dakota #1 location to prepare for drilling the
Mohawk #1 prospect. This is scheduled to spud within seven days. Another rig has
been allocated to drill the Caddo prospect, which is also expected to spud
within the same period. Pantheon is paying 25% of the drilling costs to earn an
18.75% working interest in both Mohawk and Caddo. Both prospects are located in
Wharton County, south Texas.
First natural gas sales from the Zebu discovery are scheduled to commence
shortly. Start-up has been delayed due to heavy rains which have interrupted the
laying of the pipeline connections. The initial production rate is projected to
be 400 thousand feet a day ('mmcfd'). Pantheon has a 9.375% working interest in
Zebu.
In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),
Technical Director at Pantheon Resources Plc, who has over 30 years relevant
experience within the sector.
Contacts:
Pantheon Resources Plc
Sue Graham, Chairman +44 20 7379 0118
Oriel Securities Limited
Scott Richardson Brown +44 20 7710 7600
This information is provided by RNS
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