Pantheon Resources, the AIM-listed oil and gas exploration company active in the Gulf of Mexico, issues this update on the drilling of the Jumonville #1 well (Bullseye Prospect) in Iberville Parish, Louisiana. While preparing to run an intermediate casing string to 10,929 feet measured depth, natural gas flows were encountered. As a result, the drill pipe became stuck.
After working to free the drill pipe, it was decided May 23, 2008 by Golden Gate Petroleum ("GGP"), the operator, to sidetrack the well. This will entail a withdrawal to approximately 5,500 ft before commencing the sidetrack. It is forecast that it will take approximately eight days to reach the required depth to set the intermediate casing string again.
This well was spudded on April 28, 2008 and was initially expected to take approximately 60 days from spud to reach its target depth of 14,200 ft (MD) on a trouble free basis. This sidetrack is estimated to add approximately five days to that total and add modestly to the cost. Total gross best estimate potential reserves (previously described as "P50 potential reserves") for Bullseye are estimated to be 12.5 million barrels of oil and 33 billion cubic feet of natural gas. GGP has built the location to permit accelerated development, should drilling prove successful.
Pantheon is participating with a 15% working interest prior to back-in rights. After back-in occurs, Pantheon will participate with an 11.25% working interest.
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