Pantheon Resources plc Regulatory News (PANR)

8 Mar 2007 11:45

Pantheon Resources PLC08 March 2007 March 8, 2007 PANTHEON RESOURCES PLC Production Update The Board of Pantheon resources ("Pantheon") announces that the company'scombined production on a working interest basis averaged 113.1 thousand cubicfeet a day ("mcfd") in February. This represents a near tripling in monthlyoutput from January and reflects the commissioning of a third field, Caddo.Pantheon's historic monthly production is provided in Table 1. Table 1: Monthly Net Production on Working Interest Basis (mcfd) Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec2006 2.1 33.5 28.3 35.12007 42.1 113.1 Zebu (Pantheon 9.375%) Zebu #1 was discovered in August 2006 and commenced production on September 29,2006. The well is currently producing around 215 to 220 ("mcfd"). Zebudiscovered natural gas in two Frio sands. It is producing from the deeper zoneat around 4,280 feet ("ft"). The primary objective, which encountered naturalgas at around 3,750 ft, remains to be completed for production. The JointVenture intends to produce from the secondary zone until depleted and thencomplete the primary zone higher up the well bore. The success has led the JointVenture to plan on drilling another Zebu well in 2007. Mohawk (Pantheon 18.75%) Mohawk #1 was discovered in October 2006 and brought onstream on December 1,2006. It has been producing within a consistent 110 to 120 mcfd range sincestart-up. Mohawk #1 encountered natural gas in both its primary and secondaryFrio objectives. The success at Mohawk has led the Joint Venture to plan to drill another Mohawkwell. The Mohawk #2 will test a slightly smaller amplitude anomaly (30 acres) at4,075 ft that is very similar to, but fault separated from the Mohawk #1anomaly. As this is not subject to the farm-in terms, it would have a highervalue to Pantheon, if successful. Caddo (Pantheon 18.75%) Caddo #1 was discovered in October 2006 and brought onstream on February 8,2007. Gross production has been averaging around 370 mcfd. Caddo #1 encountered natural gas in a shallow Frio formation at around 4,470 ft.The Caddo #1 discovery is particularly important. It is located in an area ofmutual interest that covers a large area where six other prospects exist. Thesetarget comparable Yegua and Frio anomalies, but Miocene objectives are alsopresent in all of them 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 0118Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 This information is provided by RNS The company news service from the London Stock Exchange