A moderate natural gas show has been recorded over an approximate interval of 25 feet. Readings on surface gas equipment recorded a maximum reading of 295 units of gas against a background reading of 25 units. During drilling background gas has since increased to 85 units.
Pantheon Resources emphasizes that the significance of this show remains to be determined. This will be evaluated by electric logs and, if warranted, by flow test. Electric logs will be run once the planned total depth of 16,400 feet is reached. This will also be the case in the event of any other natural gas shows being encountered during drilling
The planned total depth of the well is 16,400 ft (vertical depth 15,000 ft).
The Plum Deep structure is considered to be a world class exploration prospect. Gross best estimate potential reserves (previously described as "P50 potential reserves") have been assessed in a 161-293 billion cubic feet ("bcf") range.
Pantheon is paying 33.33% of the well costs to earn a 25% working interest.
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