Padre Island Well Spuds, Targets Plum Deep Structure
The well is targeting the large Plum Deep structure. Gross best-estimate potential reserves (previously described as "P50 potential reserves") have been assessed in a 161-293 billion cubic feet (bcf) range.
The well initiates an active drilling program on the Padre Island Joint Venture (PIJV). Pantheon expects to be involved in the drilling of at least four exploration wells over an 18-month period. The exact timing and order of the drilling program remain dependent on the receipt of final location approvals from the relevant authorities. Highlights of the proposed drilling program follow.
Prospect/Well Target/Type Gross P50 Reserves (bcf)** Est. Start Date Pantheon Resources Golden Gate IB Daiwa BNP Plum Deep* Deep/exploration 161-293 August 2006 25% 37.5% 37.5% - Wilson* Shallow/exploration 5-10 September 2006 25% 37.5% 37.5% - Manzano* Deep/exploration 178-337 October 2006 25% 37.5% 37.5% - Murdock South* Deep/exploration 94-232 First qtr 2007 25% 37.5% 37.5% - Lemonseed* Deep/exploration 87-123 Second qtr 2007 25% 22.5% 22.5% 30% Kingsway* Deep/exploration 16-20 Second half 2007 25% 37.5% 37.5% - *Operated by Golden Gate **This range is based on various studies conducted on the acreage including Golden Gate and Pantheon's Independent Technical Adviser.
Plum Deep is expected to be the first of at least three exploration wells targeted at the deep section over the next 18 months. Extensive evaluation has confirmed six mature high-quality exploration targets of which Plum Deep, Manzano, and Murdock have been identified as the three largest prospects. Each of the latter offers the potential for significant additional reserves and early cash flow to Pantheon.
The fourth prospect to be drilled in which Pantheon has an interest is Wilson, which is small and in a shallower horizon. Although small, Wilson represents an attractive target as, in the event of successful drilling, a well may be put on production quickly. This is due to the under-utilized infrastructure that exists on Padre Island.
These prospects are all covered by 3D seismic. Pantheon's board considers the deep JV of the PI Project Area a moderate-risk (POS 15% to 36%), high-reward exploration venture. It offers the potential, if successful, of major value accretion to the company and its shareholders.
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