Pantheon Resources PLC
10 April 2007
April 10, 2007
PANTHEON RESOURCES PLC
Natural Gas Encountered at Baptist Prospect
The Board of Pantheon Resources plc ('Pantheon') is pleased to announce that the
Baptist #1 exploration well has encountered natural gas in both its primary and
secondary objectives. The Baptist #1 well was drilled to test a large Frio
seismic amplitude anomaly revealed by the Shell East Graceland 3D (vintage
1996).
Electric logs analyses and formation tests have now confirmed the presence of
natural gas pay in both the primary and secondary objectives. As a result of the
positive log confirmation, the decision has been made to complete the well for
production testing. The results of the production testing should be communicated
in the coming weeks.
Baptist #1 was the sixth well to be drilled on Project Wharton, a farm-in
concluded in June 2006. Pantheon is paying 15% of the drilling costs to earn an
11.25% working interest in Baptist.
Pantheon has now had four successes on its Project Wharton acreage from six
wells drilled which represents a high degree of success. Pantheon now has three
producing fields in the Project Wharton area. Despite its current small size, it
is growing and providing a more solid earnings base. The Company has at least a
further 13 prospects on its Project Wharton venture remaining to be drilled. The
historic high exploration success rate gives confidence for further growth.
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