Pantheon Resources plc Regulatory News (PANR)

25 Jun 2007 14:58

Pantheon Resources PLC25 June 2007 June 25, 2007 PANTHEON RESOURCES PLC This announcement replaces the announcement made on 25 June at 07:36, RNS number9295Y. Pantheon's Working Interest for Baptist #1 should read 11.25% and not11.5% as previously stated. The full amendment appears below. Fourth Field Onstream At Project Wharton The Board of Pantheon ("Pantheon") is pleased to report the start-up ofproduction at its fourth natural gas field in its Project Wharton venture. TheBaptist #1 well came onstream on June 19, 2007 at an initial rate of 310thousand cubic feet of natural gas per day (mcfd). Pantheon has an 11.25%working interest ("WI") in Baptist. Output from Baptist will augment existing production from Pantheon's three othernatural gas fields, Caddo (18.75% WI), Mohawk (18.75% WI) and Zebu (9.375% WI). A further two wells in and around the company's discoveries are currentlyscheduled for late 2007. As these are not subject to the farm-in terms, theywould have a higher value to Pantheon, if successful. Since its initial farm-into three projects in June 2006, Pantheon has farmedinto three more prospects and drilled six wells on Project Wharton. The currentinterests and status of all prospects in which Pantheon has an interest areshown in table 1 Table 1: Project Wharton and Pantheon's Interests Prospect Pantheon Working Interest StatusZebu #1 9.375% ProducingCaddo #1 18.75% ProducingDakota #1 18.75% P&A non-commercial showsMohawk #1 18.75% ProducingBaptist #1 11.25% ProducingKant #1 18.75% P&A non-commercial shows Source: Everest Resource Company Project Wharton provides Pantheon with low risk plays to balance the higher risk/reward plays at the PI Project Area. Overall exploration risk for the ProjectWharton prospects is regarded as low, ranging from 50% to 80%. This compareswith 15% to 36% for the deep JV of the PI Project Area. 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 PlcSue Graham, Chairman +44 20 7379 0118 Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 This information is provided by RNS The company news service from the London Stock Exchange