Pantheon Resources PLC
19 February 2008
Press release 19 February 2008
Pantheon Resources plc - Drilling Update on Nottoway Prospect
Pantheon Resources, the AIM-listed oil and gas exploration company active in the
Gulf of Mexico, issues this update on the drilling of the Fay Weil Ross et al #1
well on the Nottoway prospect in South Louisiana.
Petro Hunt LLC, the operator and majority working interest partner in the well,
has recommended that this well should be plugged and abandoned (P&A'). This
follows after the drill pipe once again become stuck. After side tracking the
original well bore, while drilling to 12,025 feet ('ft') measured depth, the
operator experienced continued problems with loss circulation and loss of mud
weight.
The intention is now to move the rig to the Point Clair prospect near Nottoway
Dome. Petro Hunt LLC will re-evaluate the drilling programme for Nottoway Dome
before making a recommendation on how to proceed. These mechanical problems
have not diminished the prospectively of Nottoway Dome. Point Clair is a lower
risk independent shallower target than Nottoway Dome on a pre-prepared drill
site.
In accordance with the AIM Rules, the information in this report has been
reviewed and signed off Jay Cheatham, who has over 30 years relevant experience
within the sector.
For further information on Pantheon Resources plc, see the website at
www.pantheonresources.com
- end -
Further information:
Pantheon Resources PLC
Jay Cheatham, CEO +44 777 170 3433
Oriel Securities Limited
Scott Richardson Brown +44 20 7710 7600
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
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