Pantheon Resources PLC
02 March 2007
March 2, 2007
PANTHEON RESOURCES PLC
Padre Island Drilling Update
Wilson
•The Kindee ST 212 #1 well on the Wilson Structure was spudded on 7
February 2007 (Texas, USA).
•The well is at 9,101 feet and drilling ahead. The planned total depth of
the well is 12,400 feet (measured depth).
•Wilson is the second in a multi-well programme. It is targeting a shallow
prospect in the Upper Frio system. Similar prospects have been found to be
productive elsewhere on Padre Island.
•Gross best estimate potential reserves (previously described as 'P50
potential reserves') for Wilson have been assessed at 9 billion cubic feet.
•The well should reach total depth by end March on a trouble-free basis.
Working Interest (%)
Golden Gate Petroleum Ltd 53.23
Pantheon Resources Plc* 31.77
Medina Resources Ltd* 10.00
* Subject to final documentation
Plum Deep
•Testing of Plum Deep's shallow zone, located behind the 7-inch liner,
will be initiated once the results of the Wilson well are known. If testing
is required on Wilson, the same rig would be used on both wells. This would
deliver cost savings.
•Core analysis results have now been received. These confirm that the
sands in the deep section of Plum Deep have very low permeability. This is
due primarily to the presence of calcite cement. For Plum Deep, this means
that the deep reservoirs sampled are non-prospective.
•Pantheon has a 25% working interest in Plum Deep
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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