Pantheon Resources PLC
03 March 2008
Press release 3 March 2008
Pantheon Resources plc - Drilling Commences on Point Clair Prospect
Pantheon Resources, the AIM-listed oil and gas exploration company active in the
Gulf of Mexico, is pleased to announce that the State Lease 19255 et al #1 well
in Iberville Parish, Louisiana (the Point Clair prospect) spudded on 28
February. The Point Clair Prospect has gross best estimate potential reserves
(previously described as 'P50 potential reserves' of nine million barrels oil
equivalent.
The Point Clair prospect is a shallow Miocene development play identified as a
result of the 2005 Nottway Dome 3D seismic survey. The targets lie within the
existing unitized portion of the Docyville and Laurel Ridge fields. In addition,
there are targets located in deeper Oligocene zones.
This well is being drilled up-dip from a previously drilled well that
encountered pay zones, but was not produced for mechanical reasons. As a result
of these factors, the State Lease 19255 well is considered to be of relatively
low risk with a high probability of success. This well is part of Pantheon's
high impact South Louisiana suite of wells. Bullseye, also located in Iberville
Parish, will be the next well to spud after Point Clair.
Pantheon is participating with a 7.5% working interest, carrying the farm-out
companies for a 25% back-in after project payout. All costs will be recovered by
Pantheon prior to back-in by the farm-out partners and no revenues will be
received by these companies until Pantheon attains payout.
In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Jay Cheatham, who has over 30 years relevant
experience within the sector.
For further information on Pantheon Resources plc, see the website at
www.pantheonresources.com
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Further information:
Pantheon Resources PLC
Jay Cheatham, CEO +44 20 7484 5359
Oriel Securities Limited
Scott Richardson Brown +44 20 7710 7600
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