3rd Oct 2006 07:50
Pantheon Resources PLC03 October 2006 October 3, 2006 PANTHEON RESOURCES PLC Zebu Natural Gas Field Brought On-stream The Board of Pantheon Resources plc ("Pantheon") is pleased to announce that theZebu field was brought on-stream on September 29, 2006 at a rate of 500 thousandcubic feet a day ("mmcfd"). Pantheon has a 9.375% working interest in the Zebufield. Zebu is producing from a Frio sand between 4,280 feet ("ft") to 4,292 ft whichwas the secondary target in the discovery well. The primary target, located ataround 3,750 ft and also in a Frio section, remains to be tested. The JointVenture intends to produce natural gas from the secondary Frio zone until thishas been depleted. It will then test and complete the primary target situatedhigher in the well bore. Easy access to infrastructure has enabled Pantheon to generate cash flow quicklyfrom the Zebu field, which came on-stream within five weeks of it being declaredcommercial. The cash flow derived from Zebu should also provide an earnings basefor Pantheon. Zebu #1 was the first well to be drilled on Project Wharton, a farm-in concludedwith Everest Resource Company ("Everest") in June 2006. Pantheon has severalmore wells planned in the Project Wharton area. Drilling on both the Mohawk #1and Caddo #1 targets are scheduled to spud shortly. Pantheon is paying 25% ofthe drilling costs to earn an 18.75% working interest in both Mohawk and Caddo.Both prospects are located in Wharton County, south Texas. 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. 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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