Pantheon Resources plc Regulatory News (PANR)

9 Oct 2006 07:00

Pantheon Resources PLC09 October 2006 October 9, 2006 PANTHEON RESOURCES PLC Natural Gas Encountered at Mohawk Prospect The Board of Pantheon Resources plc ("Pantheon") is pleased to announce that theMohawk #1 exploration well has encountered natural gas in its primary objective.The Mohawk #1 well was drilled to test an extensional prospect in theChesterville Field complex. It was targeting a primary 3-D seismic amplitudeanomaly indicated in a Frio sand at 4,100 feet ("ft"). Electric logs analyses and formation tests have now confirmed the presence ofsome 23 ft of net natural gas pay in the primary and secondary objectives. As aresult of the positive log confirmation, the decision has been made to completethe well for production testing. The results of the production testing should becommunicated in the coming weeks. Mohawk #1 was the third well to be drilled on Project Wharton, a farm-inconcluded in June 2006. Pantheon is paying 25% of the drilling costs to earn an18.75% working interest in Mohawk. A second Mohawk prospect is located on the leasehold. The Mohawk #2 will test aslightly smaller amplitude anomaly (30 acres) at 4,075 ft that is very similarto, but fault separated from the Mohawk #1 anomaly. As this is not subject tothe farm-in terms, it would have a higher value to Pantheon, if successful. 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