Pantheon Resources PLC
08 March 2007
March 8, 2007
PANTHEON RESOURCES PLC
Production Update
The Board of Pantheon resources ('Pantheon') announces that the company's
combined production on a working interest basis averaged 113.1 thousand cubic
feet a day ('mcfd') in February. This represents a near tripling in monthly
output from January and reflects the commissioning of a third field, Caddo.
Pantheon's historic monthly production is provided in Table 1.
Table 1: Monthly Net Production on Working Interest Basis (mcfd)
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2006 2.1 33.5 28.3 35.1
2007 42.1 113.1
Zebu (Pantheon 9.375%)
Zebu #1 was discovered in August 2006 and commenced production on September 29,
2006. The well is currently producing around 215 to 220 ('mcfd'). Zebu
discovered natural gas in two Frio sands. It is producing from the deeper zone
at around 4,280 feet ('ft'). The primary objective, which encountered natural
gas at around 3,750 ft, remains to be completed for production. The Joint
Venture intends to produce from the secondary zone until depleted and then
complete the primary zone higher up the well bore. The success has led the Joint
Venture to plan on drilling another Zebu well in 2007.
Mohawk (Pantheon 18.75%)
Mohawk #1 was discovered in October 2006 and brought onstream on December 1,
2006. It has been producing within a consistent 110 to 120 mcfd range since
start-up. Mohawk #1 encountered natural gas in both its primary and secondary
Frio objectives.
The success at Mohawk has led the Joint Venture to plan to drill another Mohawk
well. The Mohawk #2 will test a slightly smaller amplitude anomaly (30 acres) at
4,075 ft that is very similar to, but fault separated from the Mohawk #1
anomaly. As this is not subject to the farm-in terms, it would have a higher
value to Pantheon, if successful.
Caddo (Pantheon 18.75%)
Caddo #1 was discovered in October 2006 and brought onstream on February 8,
2007. Gross production has been averaging around 370 mcfd.
Caddo #1 encountered natural gas in a shallow Frio formation at around 4,470 ft.
The Caddo #1 discovery is particularly important. It is located in an area of
mutual interest that covers a large area where six other prospects exist. These
target comparable Yegua and Frio anomalies, but Miocene objectives are also
present in all of them
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