29th Aug 2006 07:40
Pantheon Resources PLC29 August 2006 August 29 2006 PANTHEON RESOURCES PLC Drilling Update On Padre Island •The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1 August 2006 (Texas, USA). •The operator encountered hole problems which required a deviation of the well. The problems have been rectified and as at 08:00 Texas time, 28 August 2006, the well was drilling ahead at a depth of 6,362 feet. •The Plum Deep structure is considered to be a world class exploration prospect. Gross best estimate potential reserves (previously described as "P50 potential reserves") have been assessed in a 161-293 billion cubic feet ("bcf") range. •Pantheon is paying 33.33% of the well costs to earn a 25% working interest. •Well still expected to take a total of 65 days to drill In accordance with the AIM Rules, the information in this report has beenreviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MScGeology), Technical Director at Pantheon Resources Plc who has over 30 yearsrelevant 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 ExchangeRelated Shares:
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