Pantheon Resources plc Regulatory News (PANR)

29 May 2007 09:40

Pantheon Resources PLC29 May 2007 May 29, 2007 PANTHEON RESOURCES PLC Drilling Update on Wilson Prospect, Padre Island •The Kindee ST 949 #1 well on the Wilson Structure was spudded on 7 February 2007 (Texas, USA). •The well has reached a depth of 11,975 feet (measured depth). This followed successful control and restoration of lost circulation after a natural gas kick at 11,850 feet. •It was determined that primary and secondary objectives had been completely intersected. Drilling was thus stopped at 11,975 feet and electric logs run. •The electric logs showed indications of at least two potential natural gas zones. Together these have a combined gross interval of over 100 feet. •Adverse mechanical conditions in the borehole have prevented the logs proving conclusively commercial natural gas accumulations. •A 4.5 inch production liner has been run and cemented in preparation for an extensive testing programme. •The forward plan is to set up testing equipment over the next two days. Testing is expected to take several weeks. •The Board of Pantheon emphasises, however, that the final outcome remains dependent on the results of further testing. •Wilson is the second in a multi-well programme. It is targeting a shallow prospect in the Upper Frio system. Similar prospects have been found to be productive elsewhere on Padre Island. •Gross best estimate potential reserves (previously described as "P50 potential reserves") for Wilson have been assessed at 9 billion cubic feet. •Pantheon's working interest in Wilson is 31.77%, subject to final documentation. In accordance with the AIM Rules, the information in this report has beenreviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MScGeology), Technical Director at Pantheon Resources Plc who has over 30 yearsrelevant experience within the sector. Contacts: Pantheon Resources Plc Sue Graham, Chairman +44 20 7379 0118 Oriel Securities Limited Scott Richardson Brown +44 20 7710 7600 This information is provided by RNS The company news service from the London Stock Exchange