Pantheon Resources plc Regulatory News (PANR)

29 Mar 2007 10:55

Pantheon Resources PLC29 March 2007 March 29, 2007 PANTHEON RESOURCES PLC Sixth Well Spuds on Project Wharton Targeting Baptist Prospect • Pantheon's sixth well on Project Wharton spudded on 28 March • Targeting the Baptist prospect with potential reserves estimated in a 0.15 to 1.6 billion cubic feet range • Well projected to take less than one month to drill on trouble-free basis • Pantheon is paying 15.00% of the drilling costs to earn an 11.25% working interest in Baptist The Board of Pantheon Resources plc ("Pantheon") announces that it has beeninformed by the operator, Everest Resource Company ("Everest"), that the Baptist#1 well spudded on 28 March, 2007. This well is located in Colorado County,south Texas. Drilling time is scheduled to be less than one month. The Baptist #1 well is testing a large Frio seismic amplitude anomaly at 3,735feet ("ft"). This was revealed by the Shell East Graceland 3D (vintage 1996).The primary prospect being targeted by the Baptist #1 well is considered lowrisk with conservative total reserve potential of 0.15 billion cubic feet ("bcf") and high side total reserve potential of 1.6 bcf. Baptist #1 also hasadditional potential to find thinner Frio/Miocene reservoirs that do not produceseismic anomalies. Baptist #1 is the sixth well to be drilled on Project Wharton. Pantheon ispaying 15% of the drilling costs to earn an 11.25% working interest in Baptist.In the event of success, there is easy access to infrastructure. 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