Pantheon Resources has issued the following drilling update on its Bullseye prospect, located in Iberville Parish, Louisiana.
As of Sunday, August 17th, the Operator, Golden Gate Petroleum Ltd, was in the process of conditioning the mud in preparation for drilling ahead to TD (total depth) on the Jumonville-1 well. On Saturday, August 16th, the well entered the primary Miogyp formation. After penetrating approximately 5 feet into the Miogyp, shows of both oil and natural gas were encountered and the well continued to circulate oil to the surface.
Once TD is reached, a full suite of logs will be run and evaluated. The TD is currently expected to be reached Monday night (Texas time). It remains premature to ascertain the significance of the oil and natural gas shows and the Company remains cautious.
Pantheon is participating with a 15% working interest in the Bullseye prospect prior to back-in rights. Should back-in occur, Pantheon will participate with an 11.25% working interest.
Jay Cheatham, CEO of Pantheon Resources, said, "While Pantheon is encouraged by the shows of oil and gas, it is too early to assume Jumonville-1 is a commercial success. This requires the completion and analysis of more extensive testing. Pantheon will keep the market informed of any significant events as they occur."
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