Pantheon Resources plc Regulatory News (PANR)

22 Apr 2009 08:20



Jumonville #2 Bullseye Prospect 

Iberville Parish, Louisiana

Pantheon Resources ("Pantheon"), the AIM-quoted oil and gas exploration company active in the onshore region of the Gulf of Mexico, issues the following drilling update on the Jumonville #2 well on the Bullseye prospect. An initial petro-physical log analysis of the 12,400-14,100 feet log interval indicates that the Miogyp, upper Cib Haz, and lower Cib Haz sandstone units are all hydrocarbon-bearing. The combined net pay for all three intervals is calculated at 97 feet. This analysis was conducted by Schlumberger.

The Miogyp sandstone is about 20 feet thick. The log analysis indicates about 18 feet of hydrocarbon pay in this interval. This is in line with pre-drill estimates and confirms the extension of the currently producing field. This success should add to the current production and proven reserves base.

The deeper Cib Haz exploration target has two potential reservoir units. These consist of very thin-bedded to laminated sandstones, siltstones and shales. The upper Cib Haz zone is 130 feet thick and the lower sandstone zone about 60 feet thick. The log analysis indicates a total of 79 feet of net hydrocarbon pay in the combined upper and Lower Cib Haz sandstone intervals.

The log analysis does not indicate the type of hydrocarbon in the reservoir. However, as reported previously, data from the sidewall cores suggest that the lower Cib Haz interval is oil-bearing, while the upper may be gas-bearing. The Miogyp sandstone appears to be oil-bearing, judging from the mudlog shows and sidewall-core information. 

The Jumonville #2 well is on the same drill site as the Jumonville #1 well. Current surface facilities are available to put any new production from Jumonville #2 into the established sales lines.

While these results are very encouraging, they remain preliminary. Further analysis and production testing over the next several weeks should determine the commercial significance and reserve potential of the Cib Haz discoveries. Pantheon has an 11.25% working interest after back in rights. 

Jay Cheatham, CEO of Pantheon Resources, stated, "I am excited by the potential of this discovery. Pantheon is now waiting on a smaller rig to perform the completion and testing of the Jumonville #2 to confirm the quality of this new reservoir."

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

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Pantheon Resources plc

Oriel Securities Limited (Nominated Adviser)