Pantheon Resources plc Regulatory News (PANR)

26 Feb 2007 08:01

Pantheon Resources PLC26 February 2007 26 February 2007 PANTHEON RESOURCES PLC Padre Island exploration update The Kindee ST 212 #1 well on the Wilson Structure was spudded on 7 February 2007(Texas, USA). The Board of Pantheon Resources PLC announces that it has been advised by theoperator, Golden Gate Petroleum Ltd, that progress is ahead of schedule and thewell is at 7,937 feet and drilling ahead. The planned total depth of the well is12,400 feet (measured depth). Wilson is the second well of a multi-well programme and will be targeting theupper Frio system. Gross best estimate potential reserves (previously describedas "P50 potential reserves") have been assessed as c.9 billion cubic feet. The operator also advises that final farmin issues with Cinco were unable to beresolved and the adjusted working interests in the well are as listed below. Partners in the ST Kindee #1 well are: Golden Gate Petroleum Ltd 58.23% WI Modena Resources Limited 10.0% WI Pantheon Resources Plc 31.77% WI 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. Contacts: Pantheon Resources PlcSue Graham, Chairman +44 20 7379 0118 Oriel Securities LimitedDavid Arch +44 20 7710 7600 This information is provided by RNS The company news service from the London Stock Exchange