Pantheon Resources plc Regulatory News (PANR)

16 Oct 2007 07:00

Pantheon Resources PLC16 October 2007 Press release 16 October 2007 Pantheon Resources plc Production Updates on Wilson and Dunn Deep Pantheon Resources plc, the AIM-listed oil and gas exploration company active inthe Gulf of Mexico, is pleased to announce production updates for both Dunn Deep#2 and Wilson. The Wilson well came on-stream on 10 September 2007 at an initialrate of 2.5 million cubic feet a day ("mmcfd"). By end September, average outputhad risen to 3.1 mmcfd. This was slightly above the 3 mmcfd target announced atthe time of commissioning. Pantheon has a 31.77% working interest ("WI") inWilson. Dunn Deep #2 commenced production on 17 September 17 2007 at an initial grossrate of 3 mmcfd and 60 barrels a day ("bopd") of condensate. By end Septemberthis had risen to an average stabilised rate of 4.8 mmcfd and 70 bopd ofcondensate. This is toward the top end of the Operator's projected 4 to 5 mmcfdrange. Pantheon has a 7.5% WI in Dunn Deep #2. Although the Company is encouraged by the early production performance of bothwells, it is important to caution that they remain in the preliminary stages ofdevelopment. The Wilson well, in particular, requires an extended period ofproduction testing to ascertain its ultimate long term performance profile. Inaddition, this prolonged testing period will also assist in narrowing thereserve estimate for the Wilson discovery. 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 - end - Further information: Pantheon Resources PLC Sue Graham, Chairman +44 20 7379 0118 Oriel Securities Limited Scott Richardson Brown +44 20 7710 7600 Media enquiries: Capital MS&L Steffan Williams / Peter Curtain / Jennifer Martin +44 20 7307 5330 Firstname.Surname@capitalmsl.com 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