Golden Gate Performs Production Tests on Bullseye Prospect

Pantheon Resources plc has issued a drilling update for its Gulf of Mexico asset.

Bullseye Update

As of Monday, August 25, 2008, the Operator, Golden Gate Petroleum Ltd., had secured the well bore. This was achieved by running and cementing a production liner on Saturday, August 23, 2008. This operation was completed after reaching total depth of 12,440 feet MD (measured depth). Total depth is estimated to be 80 feet below the primary Miogyp sand.

It is expected that cased hole logs will be run on Tuesday, August 26, 2008. Planning continues for the installation of production testing equipment.

Preliminary drilling data indicate a reservoir thickness of up to 35 feet. This is in line with pre-drill estimates. The combination of strong oil and natural gas shows, a reservoir pressure in excess of 10,000 psi and the drilling data provide encouragement that Jumonville #1 may be a commercial well.

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, "Pantheon is encouraged by these results, although they remain only preliminary. A full evaluation will be done after running the logs and performing the production test. When there is more information Pantheon will release that information to the market."
 

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