2nd Apr 2008 12:20
Pantheon Resources PLC02 April 2008 Press release 2 April 2008 Update on Point Clair Prospect Pantheon Resources, the AIM-Listed oil and gas exploration company active in theGulf of Mexico, issues this update on State Lease 19255 et al # 1 well inIberville Parish Louisiana (the Point Clair prospect.) On 1 April 2008, Petro Hunt LLC, the operator and majority working interestpartner in the well, decided to plug and abandon the State lease 19555 et al # 1well. This decision was taken after running logs and a determination that theobjective zone was non-commercial. Jay Cheatham CEO of Pantheon Resources said,"Obviously we're disappointed in the outcome. The zone was well developed, butnot commercially productive." The Point Clair well is part of Pantheon's high impact South Louisiana suite ofwells. Bullseye, also located in Iberville Parish, will be the next well tospud, later this month. In accordance with the AIM Rules, the information in this report has beenreviewed and signed off by Jay Cheatham, who has over 30 years relevantexperience within the sector. For further information on Pantheon Resources plc, see the website atwww.pantheonresources.com- end - Further information: Pantheon Resources PLCJay Cheatham, CEO +44 20 7484 5359 Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 Notes to editors: Pantheon Resources plc Pantheon Resources plc was formed in 2005 to be an independent gas explorationcompany focused on hydrocarbon producing basins onshore or near shore the Gulfof Mexico. On 5 April 2006, Pantheon was admitted to the AIM, havingsuccessfully raised £10m from a mix of quality institutional and privateinvestors. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pantheon Resources plc