Pantheon Resources PLC
29 August 2006
August 29 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).
•The operator encountered hole problems which required a deviation of the
well. The problems have been rectified and as at 08:00 Texas time, 28 August
2006, the well was drilling ahead at a depth of 6,362 feet.
•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.
•Well still expected to take a total of 65 days to drill
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