16th Oct 2007 07:01
Pantheon Resources PLC16 October 2007 16th October 2007 PANTHEON RESOURCES PLC ('Pantheon' or the 'Company') Pantheon Resources Spuds First Well on South Louisiana Venture Pantheon Resources, the AIM-listed oil and gas exploration company active in theGulf of Mexico, is pleased to announce the spudding of the first well on itsSouth Louisiana venture. The Fay Weil Ross et al #1 well has commenced drillingin Iberville Parish, Louisiana which is located to the south of Baton Rouge nearthe small community of White Castle, Louisiana. The Fay Weil Ross et al #1 well is scheduled to be a 15,498 feet test of theNottoway Prospect (preciously referred to as White Castle Township), ageological feature unknown until a new 3D seismic survey was shot in late 2005.The operator is Petro-Hunt, L.L.C. ("Petro-Hunt"). The Nottoway Prospect is located between two existing oil & gas fields, WhiteCastle Dome and Laurel Ridge. Deeper exploration was undertaken on both fieldsin 2006. New discoveries were made in both White Castle Dome and Laurel RidgeField in the deeper Oligocene section in 2006. Similar zones are objectives inthe Nottoway Prospect. Pantheon is participating with a 7.5% working interest ("WI"), carrying thefarm-out companies for a 25% back-in after project payout ("BIAPPO"). All costswill be recovered by Pantheon prior to back-in by the farm-out partners and norevenues will be received by these companies until Pantheon attains payout. 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. For further information on Pantheon Resources plc, see the website atwww.pantheonresources.com Ends Further information: Pantheon Resources PLC Sue Graham, Chairman +44 20 7379 0118 Oriel Securities Limited Scott Richardson Brown +44 20 7710 7600 Capital MS&L Steffan Williams / Peter Curtain / Jennifer Martin +44 (0) 20 7307 5330 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:
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