Pantheon Resources PLC
16 October 2007
16th October 2007
PANTHEON RESOURCES PLC ('Pantheon' or the 'Company')
Pantheon Resources Spuds First Well on South Louisiana Venture
Pantheon Resources, the AIM-listed oil and gas exploration company active in the
Gulf of Mexico, is pleased to announce the spudding of the first well on its
South Louisiana venture. The Fay Weil Ross et al #1 well has commenced drilling
in Iberville Parish, Louisiana which is located to the south of Baton Rouge near
the small community of White Castle, Louisiana.
The Fay Weil Ross et al #1 well is scheduled to be a 15,498 feet test of the
Nottoway Prospect (preciously referred to as White Castle Township), a
geological feature unknown until a new 3D seismic survey was shot in late 2005.
The operator is Petro-Hunt, L.L.C. ('Petro-Hunt').
The Nottoway Prospect is located between two existing oil & gas fields, White
Castle Dome and Laurel Ridge. Deeper exploration was undertaken on both fields
in 2006. New discoveries were made in both White Castle Dome and Laurel Ridge
Field in the deeper Oligocene section in 2006. Similar zones are objectives in
the Nottoway Prospect.
Pantheon is participating with a 7.5% working interest ('WI'), carrying the
farm-out companies for a 25% back-in after project payout ('BIAPPO'). 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 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