10th Apr 2007 07:43
Pantheon Resources PLC10 April 2007 April 10, 2007 PANTHEON RESOURCES PLC Natural Gas Encountered at Baptist Prospect The Board of Pantheon Resources plc ("Pantheon") is pleased to announce that theBaptist #1 exploration well has encountered natural gas in both its primary andsecondary objectives. The Baptist #1 well was drilled to test a large Frioseismic amplitude anomaly revealed by the Shell East Graceland 3D (vintage1996). Electric logs analyses and formation tests have now confirmed the presence ofnatural gas pay in both the primary and secondary objectives. As a result of thepositive log confirmation, the decision has been made to complete the well forproduction testing. The results of the production testing should be communicatedin the coming weeks. Baptist #1 was the sixth well to be drilled on Project Wharton, a farm-inconcluded in June 2006. Pantheon is paying 15% of the drilling costs to earn an11.25% working interest in Baptist. Pantheon has now had four successes on its Project Wharton acreage from sixwells drilled which represents a high degree of success. Pantheon now has threeproducing fields in the Project Wharton area. Despite its current small size, itis growing and providing a more solid earnings base. The Company has at least afurther 13 prospects on its Project Wharton venture remaining to be drilled. Thehistoric high exploration success rate gives confidence for further growth.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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