Pantheon plans to drill another exploration well, Baptist, in first quarter 2007. A further three wells in and around the company's discoveries are currently scheduled for 2007. As these are not subject to the farm-in terms, they would have a higher value to Pantheon, if successful.
Since its initial farm-into three projects in June 2006, Pantheon has farmed into three more prospects and drilled four wells on Project Wharton. Pantheon is now producing from two natural gas fields, Zebu and Mohawk. A third, Caddo, is scheduled to be commissioned shortly. When combined together, these fields will make up an attractive and growing income stream for the company. This increasing natural gas production occurs at a time of improved US natural gas prices. It represents an important income stream for a small company such as Pantheon with attractive near-term financial returns.
The list below, provided by Everest, provides the current interests and status of all prospects in which Pantheon has an interest.
Prospect Pantheon Status Working Interest Zebu #1 9.375% Producing Caddo #1 18.75% Due on-stream early 2007 Dakota #1 18.75% P&A non-commercial shows Mohawk #1 18.75% Producing Baptist #1 11.50% Drilling scheduled for 1Q 2007 Kant #1 18.75% P&A non-commercial shows
Project Wharton provides Pantheon with low-risk plays to balance the higher-risk/reward plays at the PI Project Area. Overall exploration risk for the Project Wharton prospects is regarded as low, ranging from 50% to 80%. This compares with 15% to 36% for the deep JV of the PI Project Area.
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