Pantheon Resources PLC
19 September 2007
19 September 2007
PANTHEON RESOURCES PLC ('Pantheon' or the 'Company')
Pantheon Resources Achieves First Production from Dunn Deep #2
Pantheon Resources, the AIM-listed oil and gas exploration company active in the
Gulf of Mexico, is pleased to announce the start-up of natural gas production
from the Dunn Deep #2 well on Padre Island. Production commenced on September
17, 2007. This occurred less than two weeks from confirmation of a natural gas
find. The Company has a 7.5% working interest in Dunn Deep.
Initial gross production from the field is 3.8 million standard cubic feet of
gas per day and 60 barrels a day of condensate, equating to approximately 560
barrels of oil equivalent per day. Output from Dunn Deep will augment
production from the Wilson discovery which came on-stream on September 10, 2007.
Although located on Padre Island, Dunn Deep is separate from the Padre Island
Joint Venture. It should also be recognised that Dunn Deep #2 is a development
of La Playa Mid-Frio Unit #1 (now referred to as Dunn Deep #1). However Pantheon
does not have an interest in Dunn Deep #1. The operator is BNP, a private
Texas-based company.
Sue Graham, Chairman of Pantheon Resources, said: 'The start of natural gas
production from Dunn Deep #2 well is a significant development and demonstrates
our continued progress in the Gulf of Mexico.'
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.
For further information on Pantheon Resources plc, see the website at
www.pantheonresources.com
Ends
Further information:
Pantheon Resources PLC
Sue Graham, Chairman +44 20 7379 0118
Oriel Securities Limited
Scott Richardson Brown +44 20 7710 7600
Capital MS&L
Steffan Williams / Peter Curtain / Jennifer Martin +44 (0) 20 7307 5330
Notes to editors:
Pantheon Resources plc
Pantheon Resources plc was formed in 2005 to be an independent gas exploration
company focused on hydrocarbon producing basins onshore or near shore the Gulf
of Mexico. On 5 April 2006, Pantheon was admitted to the AIM, having
successfully raised £10m from a mix of quality institutional and private
investors.
This information is provided by RNS
The company news service from the London Stock Exchange