30th Nov 2006 07:01
Pantheon Resources PLC30 November 2006 Encouraging Results from Plum Deep Well Logs The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1 August2006 (Texas, USA). Target depth target depth of 16,392 ft (measured depth) wasreached on 15 November 2006. Electric logging of the well has been successfully completed. Preliminary interpretation of the logs has identified four zones. Each ispotentially natural gas bearing and warrants further investigation. Collectivelythese zones span a gross interval of over 1,000 feet. The operator, Golden Gate, is planning a comprehensive testing programme whichit expects to recommend to the Joint Venture. Once the programme has beenapproved by the Joint Venture, this will be the subject of a futureannouncement. The programme will provide the additional information needed todetermine the commerciality of each of the four zones. The initial results from the electric logs are encouraging. However, the finaloutcome is dependent on the results of the testing programme. Pantheon is paying 33.33% of the well costs to earn a 25% working interest inPlum Deep. In accordance with the AIM Rules, the information in this report has beenreviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),Technical Director at Pantheon Resources Plc who has over 30 years relevantexperience within the sector. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pantheon Resources plc