Pantheon Resources plc Regulatory News (PANR)

19 Sep 2007 07:01

Pantheon Resources PLC19 September 2007 19 September 2007 PANTHEON RESOURCES PLC ('Pantheon' or the 'Company') Pantheon Resources Achieves First Production from Dunn Deep #2 Pantheon Resources, the AIM-listed oil and gas exploration company active in theGulf of Mexico, is pleased to announce the start-up of natural gas productionfrom the Dunn Deep #2 well on Padre Island. Production commenced on September17, 2007. This occurred less than two weeks from confirmation of a natural gasfind. The Company has a 7.5% working interest in Dunn Deep. Initial gross production from the field is 3.8 million standard cubic feet ofgas per day and 60 barrels a day of condensate, equating to approximately 560barrels of oil equivalent per day. Output from Dunn Deep will augmentproduction from the Wilson discovery which came on-stream on September 10, 2007. Although located on Padre Island, Dunn Deep is separate from the Padre IslandJoint Venture. It should also be recognised that Dunn Deep #2 is a developmentof La Playa Mid-Frio Unit #1 (now referred to as Dunn Deep #1). However Pantheondoes not have an interest in Dunn Deep #1. The operator is BNP, a privateTexas-based company. Sue Graham, Chairman of Pantheon Resources, said: "The start of natural gasproduction from Dunn Deep #2 well is a significant development and demonstratesour continued progress in the Gulf of Mexico." 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. For further information on Pantheon Resources plc, see the website atwww.pantheonresources.com Ends Further information: Pantheon Resources PLCSue Graham, Chairman +44 20 7379 0118 Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 Capital MS&LSteffan 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