Pantheon Resources plc Regulatory News (PANR)

29 Sep 2006 12:50

Pantheon Resources PLC29 September 2006 September 29, 2006 PANTHEON RESOURCES PLC Dakota #1 Well Non-commercial The Board of Pantheon Resources plc ("Pantheon") announces that it has beeninformed by the operator, Everest Resource Company ("Everest"), that the Dakota#1 well reached a total depth ("TD) of 5,253 feet on September 25, 2006. A fullsuite of electric logs was run on September 26. The results of the loginterpretation indicated that a formation test of three zones was justified.Both natural gas and formation water were recovered from all three zones.Unfortunately, due to the presence of formation water a decision was made toplug and abandon ("P&A") the well as non-commercial. Dakota #1 was the second well to be drilled on Project Wharton, a farm-inconcluded with Everest in June 2006. Seven additional prospects are located onthe Dakota area of mutual interest ("AMI") which covers around 1,950 acres.These still remain attractive targets for future drilling. As these are notsubject to the farm-in terms, they would have a higher value to Pantheon. The rig is now moving from the Dakota #1 location to prepare for drilling theMohawk #1 prospect. This is scheduled to spud within seven days. Another rig hasbeen allocated to drill the Caddo prospect, which is also expected to spudwithin the same period. Pantheon is paying 25% of the drilling costs to earn an18.75% working interest in both Mohawk and Caddo. Both prospects are located inWharton County, south Texas. First natural gas sales from the Zebu discovery are scheduled to commenceshortly. Start-up has been delayed due to heavy rains which have interrupted thelaying of the pipeline connections. The initial production rate is projected tobe 400 thousand feet a day ("mmcfd"). Pantheon has a 9.375% working interest inZebu. 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 PlcSue Graham, Chairman +44 20 7379 0118Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 This information is provided by RNS The company news service from the London Stock Exchange