Pantheon Resources plc Regulatory News (PANR)

6 Apr 2009 08:15



Pantheon Announces Successful Completion of Vision Rice University #1 Well

Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas exploration company active in the onshore region of the Gulf of Mexico, issues the following drilling update.

Operational Update - Jumonville #2

The Company advises that the Jumonville #2 well is currently at 14,100 feet and has reached total depth. Electric logging is currently underway over the Cib Haz Formation, the last of the objective intervals. Mudlogs over the Cib Haz did not record any hydrocarbon shows similar to the three other objective intervals.

Once electric logging is complete and evaluated, a decision will be made to complete the Jumonville #2 for production through one of the hydrocarbon bearing zones which at this stage looks like being the Miogyp Formation.

As previously advised, the Jumonville #2 well encountered approximately 20 feet of Miogyp sand formation which is believed to be oil bearing and is confirmed as being up dip from the current oil production from the Miogyp interval in the Jumonville #1 well located some 1,000 feet away. The results to date are consistent with Jumonville #1 and importantly confirm the distribution of this reservoir across the oil and gas field. Sidewall cores have been taken and are presently being evaluated.

In addition, oil and gas shows were also recorded across the shallower Camerina interval. Further evaluation of this objective is required to determine its significance. 

In accordance with the AIM Rules, the information in this report has been reviewed and signed off by Jay Cheatham, who has over 30 years' relevant experience within the sector. 

For further information on Pantheon Resources plc, see the website at www.pantheonresources.com

Further information:

Pantheon Resources plc

Oriel Securities Limited (Nominated Adviser)