Pantheon Resources PLC
01 February 2007
Pantheon Resources update on Wilson Prospect
Working Interest
• As a result of a farm in to the Wilson prospect by Cinco Resources Inc,
Pantheon's original 25% working interest in Wilson prospect has been
reduced by 4.875%.
• Separately however Pantheon has agreed in principle, subject to execution of
contracts, to farm into an additional 7.5% of the Wilson prospect on a 'heads
up' basis. 'Heads up' means that Pantheon will bear 7.5% of the costs for its
7.5% working interest. It will not therefore be subject to any premium or
'promote' on this component.
• Overall, subject to the latter transaction being completed, the net effect is
that Pantheon's working interest in Wilson will increase from the original
25% to 27.625% on more favourable terms.
In summary the working interests in the Wilson Prospect are as follows:
Working Interest (%) % Share of Drilling Costs to
Casing Point
Golden Gate Petroleum Ltd 47.375 40.670
Pantheon Resources Plc* 27.625 34.330
Cinco Resources Inc 15.000 15.000
Medina* 10.000 10.000
* Subject to final documentation
Expected Drilling Timetable
• Expected to spud mid February.
• The Parker Rig is currently being rigged up on location at the Wilson pad.
• The operator expects the well to be completed by the end of March.
• The Wilson well will be targeting the upper Frio system at similar depths to
existing production on Padre Island such as at La Playa Deep and La Playa
Shallow to the north, and Dunn Peach #6 to the south.
• This is a different system to that which was tested at 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
Justin Hondris +44 20 7379 0118
Oriel Securities Limited
Scott Richardson Brown +44 20 7710 7600
This information is provided by RNS
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