Pantheon Resources plc Regulatory News (PANR)

7 Sep 2007 07:01

Pantheon Resources PLC07 September 2007 7 September 2007 Pantheon Resources PLC ('Pantheon' or the 'Company') Dunn Deep To Be Completed as a Natural Gas Producer Pantheon Resources, the AIM-listed oil and gas exploration company active in theGulf of Mexico, announces that the La Playa Mid Frio Unit #2 well (Dunn Deep,previously known as La Playa Deep #2) will be completed as a natural gasproducer. The Company has a 7.5% working interest in Dunn Deep. Start-up is currently estimated to occur within two weeks. An early hook-up tothe sales grid is achievable as the well has been drilled from an existing site.Production data will be released when available. The Dunn Deep well reached its planned total depth of 10,542 feet measureddepth. Electric logs were run. Net pay of 20 feet was encountered within a 50 feetgross interval in the main objective. No flow testing has been undertaken. Although located on Padre Island, Dunn Deep is separate from the Padre IslandJoint Venture. It should also be recognised that Dunn Deep is an appraisal/development of La Playa Mid-Frio Unit #1 ("La Playa Deep). However Pantheon doesnot have an interest in La Playa Deep #1. The operator is BNP, a privateTexas-based company. For further information on Pantheon Resources plc, see the website at www.pantheonresources.com 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. Further information: Pantheon Resources PLC John Walmsley, Director +44 7887 700022 Justin Hondris, Director +44 (0) 20 7379 0118 Oriel Securities Limited Scott Richardson Brown +44 (0) 20 7710 7600 Capital MS&L Steffan Williams / Peter Curtain / Jennifer Martin +44 (0) 20 7307 5330 Notes to editors: Pantheon Resources PLC Pantheon Resources plc was formed in 2005 to be an independent gas explorationcompany focused on hydrocarbon producing basins onshore or near shore the Gulfof Mexico. On 5 April 2006, Pantheon was admitted to the AIM, havingsuccessfully raised £10m from a mix of quality institutional and privateinvestors. This information is provided by RNS The company news service from the London Stock Exchange