Sign In
Last checked at 
22 Apr 2009 08:20
ο»Ώ
|
Press release |
22 April 2009 |
Jumonville #2 Bullseye ProspectΒ
Iberville Parish,Β Louisiana
Pantheon ResourcesΒ ("Pantheon"), the AIM-quoted oil and gas exploration company activeΒ in the onshore region of theΒ Gulf of Mexico, issues the following drilling updateΒ on the Jumonville #2Β wellΒ onΒ the Bullseye prospect.Β AnΒ initialΒ 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 allΒ 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.Β TheΒ log analysisΒ indicatesΒ 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 deeperΒ Cib Haz exploration target has two potential reservoir units. These consistΒ ofΒ very thin-bedded to laminated sandstones, siltstones and shales.Β The upper Cib Haz zone isΒ 130 feet thick and the lower sandstone zone about 60 feet thick. The log analysisΒ indicates a total ofΒ 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.Β However, asΒ reportedΒ 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 theΒ mudlog shows and sidewall-coreΒ information.Β
The Jumonville #2 well is on the sameΒ drill site as the Jumonville #1 well. Current surface facilitiesΒ areΒ available to put any new productionΒ from Jumonville #2Β into the established sales lines.
While these results are very encouraging,Β they remain preliminary. Further analysis and production testing over the next several weeksΒ shouldΒ determine the commercial significance and reserve potential of the Cib Haz discoveries.Β Pantheon has an 11.25% working interest after back in rights.Β
Jay Cheatham, CEOΒ of Pantheon Resources,Β stated,Β "I amΒ excited by the potential of this discovery.Β Pantheon isΒ now waiting on a smaller rig to perform the completion and testing of the Jumonville #2 to confirm the quality of this new reservoir."
|
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.Β |
For further information on Pantheon Resources plc, see the website atΒ www.pantheonresources.com
Enquiries:
Pantheon ResourcesΒ plc
|
Jay Cheatham, CEO |
+44 20 7484 5359 |
Oriel Securities Limited (Nominated Adviser)
|
Michael Shaw |
+44 20 7710 7600 |
Follow the stocks
