Pantheon Resources PLC
05 December 2006
December 5, 2006
PANTHEON RESOURCES PLC
Plum Deep Testing Programme
• The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1
August 2006 (Texas, USA). Target depth target depth of 16,392 ft (measured
depth) was reached on 15 November 2006.
• Following electric logging, a testing programme is underway in three of
the four prospective natural gas zones encountered in the well. This
programme will provide the additional information needed to determine the
commerciality of these zones.
• Preliminary interpretation of the logs has identified four zones which are
potentially natural gas bearing and warrant further investigation.
Collectively these zones span a gross interval of over 1,000 feet.
• The three most attractive zones will be the focus of the testing programme
initially. The shallower two zones will be tested through a drillstem test.
• The deepest zone, spanning over 800 gross feet, will be accessed through a
sidetrack wellbore. This will include the collection of conventional cores
and sampling for fluids and pressures.
• It is expected that the both tests will be completed within the next three
weeks. The results will be released to the market as they become available.
• The initial results from the electric logs are encouraging. However, the
final outcome is dependent on the results of the testing and sampling
programme.
• Pantheon is paying 33.33% of the well costs to earn 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
The company news service from the London Stock Exchange