Pantheon Resources PLC
26 February 2007
26 February 2007
PANTHEON RESOURCES PLC
Padre Island exploration update
The Kindee ST 212 #1 well on the Wilson Structure was spudded on 7 February 2007
(Texas, USA).
The Board of Pantheon Resources PLC announces that it has been advised by the
operator, Golden Gate Petroleum Ltd, that progress is ahead of schedule and the
well is at 7,937 feet and drilling ahead. The planned total depth of the well is
12,400 feet (measured depth).
Wilson is the second well of a multi-well programme and will be targeting the
upper Frio system. Gross best estimate potential reserves (previously described
as 'P50 potential reserves') have been assessed as c.9 billion cubic feet.
The operator also advises that final farmin issues with Cinco were unable to be
resolved and the adjusted working interests in the well are as listed below.
Partners in the ST Kindee #1 well are:
Golden Gate Petroleum Ltd 58.23% WI
Modena Resources Limited 10.0% WI
Pantheon Resources Plc 31.77% WI
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
David Arch +44 20 7710 7600
This information is provided by RNS
The company news service from the London Stock Exchange