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. This follows after the drill pipe once again became stuck. After side tracking the original well bore, while drilling to 12,025 feet 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 program 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.
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