9th Jun 2006 07:00
Pantheon Resources PLC09 June 2006 Pantheon Resources Plc 30 Farringdon Street London EC4A 4HJ Padre Island - Rig Released to PI Project Area Operator Prior to PlannedDrilling Programme Pantheon Resources Plc ("Pantheon") announces that it has been informed by theOperator of the Padre Island Project Area, ("PI Project Area"), Golden GatePetroleum Ltd ("Golden Gate"), that Parker Drilling's rig number 122 wasreleased on 28 May. The rig is expected to arrive on site late June 2006. Therig will be on contract to Golden Gate for twelve months with options to extendfor up to a further two years by six month intervals. Once on location, the rig will commence an active drilling programme on thePadre Island Joint Venture ("PIJV"). Pantheon expects to be involved in thedrilling of four exploration wells over an 18 month period. The exact timing andorder of the drilling programme remain dependent on the receipt of finallocation approvals from the relevant authorities. Pantheon is participating initially in six prospects as a result of a farm-outagreement with Golden Gate concluded in April 2006. The prospect inventorycomprises primarily large, high-quality natural gas plays in an under-exploreddeep section of the Gulf of Mexico. As a result of this agreement Pantheon willearn a 25% working interest in each prospect by paying 33.333% of the costsassociated with drilling each prospect up until the point of casing. Theprospects covered by this farm-in are: • Plum Deep, from 9,500 to 15,000 feet; • Manzano Deep, from 10,500 to 16,500 feet; • Murdock, all depths from surface; • Lemonseed, all depths below 9,100 feet; • Wilson, all depths from surface; and • Kingsway, all depths from surface. These prospects are all covered by 3D seismic. In the view of the Board ofPantheon, the deep JV of the PI Project Area is a moderate risk (POS 15% to36%), high reward exploration venture. It offers the potential, if successful,of major value accretion to the Company and its shareholders. Contacts:Pantheon Resources PlcSue Graham, Chairman +44 20 7379 0118 Oriel Securities LimitedScott 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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