Pantheon Resources, the AIM-listed oil and gas exploration company active in the Gulf of Mexico, is pleased to provide an update on the drilling of the Fay Weil Ross et al #1 well on the Nottoway prospect in South Louisiana. The well drilled out from 7 5/8 inch casing at 12,025 feet ("ft"). It has now reached 13,894 ft. (measured depth). Natural gas shows were encountered while drilling.
Very high pressure was met at one of the deeper objectives. While trying to control the well, the drill pipe became stuck in the hole. After consultation, Petro-Hunt LLC, the Operator, has elected to come back up the hole to 11,850 ft., set a cement plug, sidetrack the well and drill to the original objectives. The significance of the earlier natural gas shows will not be known until the well bore penetrates the zones again and a well log is obtained across them.
Pantheon is participating with a 7.5% working interest, carrying the farm-out companies for a 25% back-in after project payout. All costs will be recovered by Pantheon prior to back-in by the farm-out partners and no revenues will be received by these companies until Pantheon attains payout.
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