Pantheon Resources PLC
27 October 2006
October 27, 2006
PANTHEON RESOURCES PLC
Drilling Update On Padre Island
•The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1
August 2006 (Texas, USA).
•As at 08.00 Texas Time, 26 October 2006, the well was at a depth of
12,930 feet ('ft') measured depth and drilling ahead following the running
of a 7 inch liner.
•The planned total depth of the well is 16,400 ft (vertical depth 15,000
ft).
• The Plum Deep structure is considered to be a world class exploration
prospect. Gross best estimate potential reserves (previously described as 'P50
potential reserves') have been assessed in a 161-293 billion cubic feet ('bcf')
range.
• Pantheon is paying 33.33% of the well costs to earn a 25% working
interest.
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
The company news service from the London Stock Exchange