Pantheon Resources plc Regulatory News (PANR)

3 Mar 2008 07:00

Pantheon Resources PLC03 March 2008 Press release 3 March 2008 Pantheon Resources plc - Drilling Commences on Point Clair Prospect Pantheon Resources, the AIM-listed oil and gas exploration company active in theGulf of Mexico, is pleased to announce that the State Lease 19255 et al #1 wellin Iberville Parish, Louisiana (the Point Clair prospect) spudded on 28February. The Point Clair Prospect has gross best estimate potential reserves(previously described as "P50 potential reserves" of nine million barrels oilequivalent. The Point Clair prospect is a shallow Miocene development play identified as aresult of the 2005 Nottway Dome 3D seismic survey. The targets lie within theexisting unitized portion of the Docyville and Laurel Ridge fields. In addition,there are targets located in deeper Oligocene zones. This well is being drilled up-dip from a previously drilled well thatencountered pay zones, but was not produced for mechanical reasons. As a resultof these factors, the State Lease 19255 well is considered to be of relativelylow risk with a high probability of success. This well is part of Pantheon'shigh impact South Louisiana suite of wells. Bullseye, also located in IbervilleParish, will be the next well to spud after Point Clair. Pantheon is participating with a 7.5% working interest, carrying the farm-outcompanies for a 25% back-in after project payout. All costs will be recovered byPantheon prior to back-in by the farm-out partners and no revenues will bereceived by these companies until Pantheon attains payout. In accordance with the AIM Rules, the information in this report has beenreviewed and signed off by Jay Cheatham, who has over 30 years relevantexperience within the sector. For further information on Pantheon Resources plc, see the website atwww.pantheonresources.com - end - Further information: Pantheon Resources PLC Jay Cheatham, CEO +44 20 7484 5359 Oriel Securities Limited Scott Richardson Brown +44 20 7710 7600 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