Pantheon Resources plc Regulatory News (PANR)

2 Mar 2007 07:30

Pantheon Resources PLC02 March 2007 March 2, 2007 PANTHEON RESOURCES PLCPadre Island Drilling Update Wilson •The Kindee ST 212 #1 well on the Wilson Structure was spudded on 7 February 2007 (Texas, USA). •The well is at 9,101 feet and drilling ahead. The planned total depth of the well is 12,400 feet (measured depth). •Wilson is the second in a multi-well programme. It is targeting a shallow prospect in the Upper Frio system. Similar prospects have been found to be productive elsewhere on Padre Island. •Gross best estimate potential reserves (previously described as "P50 potential reserves") for Wilson have been assessed at 9 billion cubic feet. •The well should reach total depth by end March on a trouble-free basis. Working Interest (%)Golden Gate Petroleum Ltd 53.23Pantheon Resources Plc* 31.77Medina Resources Ltd* 10.00* Subject to final documentation Plum Deep •Testing of Plum Deep's shallow zone, located behind the 7-inch liner, will be initiated once the results of the Wilson well are known. If testing is required on Wilson, the same rig would be used on both wells. This would deliver cost savings. •Core analysis results have now been received. These confirm that the sands in the deep section of Plum Deep have very low permeability. This is due primarily to the presence of calcite cement. For Plum Deep, this means that the deep reservoirs sampled are non-prospective. •Pantheon has a 25% working interest in Plum Deep In accordance with the AIM Rules, the information in this report has beenreviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MScGeology), Technical Director at Pantheon Resources Plc who has over 30 yearsrelevant experience within the sector. Contacts: Pantheon Resources PlcSue Graham, Chairman +44 20 7379 0118 Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 This information is provided by RNS The company news service from the London Stock Exchange