Pantheon Resources plc Regulatory News (PANR)

11 Sep 2007 10:43

Pantheon Resources PLC11 September 2007 11 September 2007 PANTHEON RESOURCES PLC ('Pantheon' or the 'Company') Pantheon Resources Achieves First Production from Wilson. 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 Wilson discovery on Padre Island. Production commenced on September 10,2007. Initial production from the field is 2.5 million standard cubic feet of gas perday gross equating to approximately 450 barrels of oil equivalent per day. Performance will be monitored closely over the first few weeks with the aim toreach 3 mmcfd. Pantheon's working interest in Wilson is 31.77%. Wilson was declared commercial on June 18, 2007. It is located on Padre Island,South Texas. The operator has estimated potential recoverable natural gasreserves at up to 20 billion cubic feet. This is based solely on the mainobjective which was the only zone tested. An extended period of productionshould enable this estimate to be narrowed. A delineation well is scheduled to be drilled following this extended productiontest. This well should also permit the assessment of potential reserves andproductivity of additional pay zones encountered whilst drilling. Sue Graham, Chairman of Pantheon, commented: "I am delighted that Pantheon Resources has secured its first production, whichrepresents a significant milestone for the Company within only 18 months of theIPO. "We have brought to fruition the first step towards generating strong cash-flowdesigned to make a material contribution towards financing our exploration andappraisal activities focused on 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 PLCJohn Walmsley, Director +44 20 7928 1222Robert Rosenthal, Technical Director +44 7970 075 778 Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 Capital MS&LSteffan Williams / Peter Curtain / Jennifer Martin +44 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