Pantheon Resources PLC
11 September 2007
11 September 2007
PANTHEON RESOURCES PLC ('Pantheon' or the 'Company')
Pantheon Resources Achieves First Production from Wilson.
Pantheon Resources, the AIM-listed oil and gas exploration company active in the
Gulf of Mexico, is pleased to announce the start-up of natural gas production
from the Wilson discovery on Padre Island. Production commenced on September 10,
2007.
Initial production from the field is 2.5 million standard cubic feet of gas per
day gross equating to approximately 450 barrels of oil equivalent per day.
Performance will be monitored closely over the first few weeks with the aim to
reach 3 mmcfd. Pantheon's working interest in Wilson is 31.77%.
Wilson was declared commercial on June 18, 2007. It is located on Padre Island,
South Texas. The operator has estimated potential recoverable natural gas
reserves at up to 20 billion cubic feet. This is based solely on the main
objective which was the only zone tested. An extended period of production
should enable this estimate to be narrowed.
A delineation well is scheduled to be drilled following this extended production
test. This well should also permit the assessment of potential reserves and
productivity of additional pay zones encountered whilst drilling.
Sue Graham, Chairman of Pantheon, commented:
'I am delighted that Pantheon Resources has secured its first production, which
represents a significant milestone for the Company within only 18 months of the
IPO.
'We have brought to fruition the first step towards generating strong cash-flow
designed to make a material contribution towards financing our exploration and
appraisal activities focused on the Gulf of Mexico.'
In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),
Technical Director at Pantheon Resources Plc, who has over 30 years relevant
experience within the sector.
For further information on Pantheon Resources plc, see the website at
www.pantheonresources.com
Ends
Further information:
Pantheon Resources PLC
John Walmsley, Director +44 20 7928 1222
Robert Rosenthal, Technical Director +44 7970 075 778
Oriel Securities Limited
Scott Richardson Brown +44 20 7710 7600
Capital MS&L
Steffan Williams / Peter Curtain / Jennifer Martin +44 20 7307 5330
Notes to editors:
Pantheon Resources plc
Pantheon Resources plc was formed in 2005 to be an independent gas exploration
company focused on hydrocarbon producing basins onshore or near shore the Gulf
of Mexico. On 5 April 2006, Pantheon was admitted to the AIM, having
successfully raised £10m from a mix of quality institutional and private
investors.
This information is provided by RNS
The company news service from the London Stock Exchange GRB
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