Testing Continues at Jumonville-1 in Bullseye Prospect

Pantheon Resources plc has issued the following drilling update for the Bullseye Prospect.

Testing operations have commenced at the Jumonville-1 well. The initial test involved the perforation of the bottom five feet of the primary target interval. This was designed to determine water saturations and the anticipated oil/water contact in the Miogyp formation. The results confirm that the Miogyp reservoir has a water drive with brackish water at the base. This water-drive should result in increased recovery efficiency during production in the event of a commercial discovery being confirmed.

It is now the intention to run an extended testing sequence in the upper portion of the Miogyp reservoir where the interpreted hydrocarbon interval is located. This sequence is designed to test a 10 feet interval near the top of the formation. This equates to the depth where several hundred barrels of oil circulated to surface when originally penetrated. This next phase of testing should commence within the next 48 hours. It will be the critical phase in determining the overall reservoir quality.

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.

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