Pantheon Resources plc Regulatory News (PANR)

19 Oct 2006 08:32

Pantheon Resources PLC19 October 2006 October 19, 2006 PANTHEON RESOURCES PLC Drilling Update On Padre Island • The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1 August 2006 (Texas, USA). • As at 07.30 Texas Time, 18 October 2006, the well was at a depth of 11,971 feet ("ft") measured depth and drilling ahead. • Drilling operations to the planned total depth of 16,400 ft (vertical depth 15,000 ft) are expected to take approximately four weeks. • The Plum Deep structure is considered to be a world class exploration prospect. Gross best estimate potential reserves (previously described as "P50 potential reserves") have been assessed in a 161-293 billion cubic feet ("bcf") range. • Pantheon is paying 33.33% of the well costs to earn a 25% working interest. 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 Plc Sue Graham, Chairman +44 20 7379 0118 Oriel Securities Limited Scott Richardson Brown +44 20 7710 7600 This information is provided by RNS The company news service from the London Stock Exchange