Drilling Update - Bullseye Pr

RNS Number : 8742T

Pantheon Resources PLC

15 June 2009

 



Press release

15 June 2009

Drilling Update 

Pantheon Resources plc ('Pantheon' or the 'Company'), the AIM-quoted oil and gas exploration  company active in Louisiana and Texas, issues the following operational update.

Jumonville #2, Bullseye Prospect, Iberville Parish, Louisiana

The testing programme is focusing on three separate intervals in the Jumonville #2 well: 

   (1)  the Miogyp (this zone is currently producing in Jumonville #1); 

   (2)  the Cib Haz 6; and 

   (3)  the Cib Haz 7.  

The first phase of testing has commenced in the deepest of these intervals, the Cib Haz 7. Recently run logs confirm that a full charge perforation has been discharged correctly over this zone, however communications with the perforated interval continue to appear to be limited. This is surprising as it is inconsistent with other technical data derived from the well which includes side wall cores and a full suite of electric logs. The current plan is to commence testing the upper Cib Haz interval ('Cib Haz 6') while undertaking further analysis and evaluation of the lower Cib Haz 7 interval for a possible revised testing or stimulation program.  A workover rig will arrive on site early this week to commence testing on the Cib Haz 6.

The Cib Haz 6 zone is approximately 130 gross feet thick. Log analysis by Schlumberger and sidewall core data indicate this zone may be oil and gas-bearing 

Dependent upon the outcome of the Cib Haz 6 test results, the Jumonville #2 well will be put on immediate production from that interval or else the known productive Miogyp sandstone. The Miogyp is about 20 feet thick in the Jumonville #2 well and is the currently producing formation at Jumonville #1.  Surface facilities are being installed and connected to the already established sales line that currently handles the Jumonville #1 oil and gas production.   At the same time, work is ongoing to better understand the inconsistent data received from the Cib Haz 7.  

In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by 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

Enquiries:

Pantheon Resources plc

Jay Cheatham, CEO

[phone]

Oriel Securities Limited (Nominated Adviser)

Michael Shaw

[phone]

 

END

 

 

DRLSFASMISUSEIM