New Issue today....amazing acerage and fully funded for their entire 6 drill program. Priced VERY competitively..




Pantheon Resources PLC
05 April 2006



Not for publication, distribution or release in the US, Canada, Japan or
Australia


PANTHEON RESOURCES PLC
('Pantheon' or 'the Company')


Admission to the Alternative Investment Market ('AIM')


Pricing & Allocation


Pantheon Resources plc, today announces its proposed admission to AIM
('Admission') and a successful Placing by Oriel Securities ('Placing').


Placing and Admission


The Company has raised approximately 10.0 million through a placing
of 10,000,000 shares at 100 pence per share. Existing Shareholders have not sold
shares in the Placing.


On Admission, the Company will have a market capitalisation of
approximately 15.5 million.



Oriel Securities Limited, nominated adviser and broker to Pantheon,
and the Company have placed all of these shares with institutional and other
investors.



The Company intends to use the 9.4m net proceeds from the Placing to
finance its initial business strategy which is to drill a minimum of four wells
in certain under-explored deep sections under and around Padre Island, Texas.



The Directors also believe that Admission will help Pantheon attract
and retain high quality staff and raise the status and market profile of the
Company.



Admission and commencement of dealings on AIM are expected to take
place on 5 April.



Background and strategy



Pantheon Resources plc was formed in 2005 to be an independent UK
based oil and gas exploration company focused on hydrocarbon producing basins in
the Gulf of Mexico ('GoM') off the coast of the south of Texas. Specifically,
its initial focus is intended to be on the deep geological plays under and
around Padre Island.



In building its exploration portfolio in this region, Pantheon intends
to participate initially in six exploration prospects (the 'Farmout Prospects').
This is pursuant to a Farmout Agreement with the lessees that currently own the
leasehold interests over approximately 10,715 hectares (the 'Padre Island
Project Area' or 'PI Project Area'). These Farmout Prospects are ready to drill
from a geological and geophysical perspective. Importantly, a drilling rig
contract has been secured for 12 months with options to extend. The Directors
believe that a number of the Farmout Prospects located under or around Padre
Island may contain commercial quantities of oil and gas. Abundant infrastructure
with surplus capacity is located nearby. The Directors believe that these
factors should allow new discoveries to come online quickly in the event of
successful drilling.



Pantheon's strategy is to focus initially on hydrocarbon exploration
and production onshore or near shore in the GoM. Such areas offer lower drilling
and development costs than offshore while lead times to commercial production
are shorter. Being a small exploration company with limited capital, the board
of Pantheon believes these factors should enhance returns to investors and limit
future equity dilution in the event of successful exploration.



The Directors believe that drilling success should provide Pantheon
with a strong foundation upon which to build a focused exploration and
production company. Pantheon intends to manage carefully its risk and enhance
the probability of success through holding small working interests ranging from
10-25 per cent. and partner with experienced operators in the GoM region. The
Directors believe that small working interests should also enable Pantheon to
spread its risk across more prospects, while managing the probability of success
through improving the statistical risk profile. The Board of Pantheon believes
that any drilling success should have a positive impact on the Company's
valuation as the current prospects to be drilled are large in relation to
Pantheon's size. Pantheon, at this early stage of its corporate development, has
no intention of being an operator. It intends to keep its corporate overhead
costs as low as possible by having very few full time staff. This should ensure
both that capital is injected directly into the PI Project Area and that
leverage to shareholders is maximised in the event of drilling success. The
efficient allocation of limited capital is of paramount concern to the board of
Pantheon.



Placing Statistics:


Placing Price 100p

Number of Placing Shares to be issued 10,000,000

Number of Ordinary Shares in issue immediately following Admission 15,552,329

Percentage of the Company's enlarged issued ordinary share capital being placed 64.3%

Estimated net proceeds of the Placing (1) 9.4m

Market capitalisation immediately following Admission at the Placing Price 15.5m

Note:

(1) Net proceeds are stated after the deduction of estimated expenses of
approximately 0.6 million.



For further information, please contact:

Pantheon Resources plc 30 Farringdon St,
Sue Graham, Chairman London, EC4A 4HJ.
Justin Hondris, Non-executive Director

Oriel Securities Limited 020 7710 7600
Scott Richardson Brown


Oriel Securities Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Pantheon Resources plc
and no-one else in the connection with the Placing and Admission and will not be
responsible to any person other than Pantheon Resources plc for providing the
protections afforded to clients of Oriel Securities Limited or for providing
advice in relation to the transactions and arrangements detailed in this
announcement. Oriel Securities Limited is not making any representation or
warranty, express or implied, as to the contents of this announcement.


This information is provided by RNS
The company news service from the London Stock Exchange

anyone watching this?

ok, i gather not!

I am !

excellent! are you involved?

Prop,

Looks like an interesting stock, can you please put a chart in the header?

I would think they there may be some interest from SEY and PRE holders given their companies geographical proximity.

prop - not at the moment. I'm a bit fully invested and most are doing very well, so I don't really fancy any sales right now. I'm a bit dubious too about how quickly this could move as it's very much in its infancy (both in the market and in its trade).
If one of my stop losses kicks in I might dabble!

122 bid...22% up in two days, long may it continue!

Pleased for you prop - good call!

up 38%....

Heck, size of the spread!!!!!!!!!!

KD.

It's not going to bother prop, nor would it me if I held them!
One of my other holdings SMC has a similar 5p spread - it was 100p a couple of months back and is now 170p. So no complaints from me there.

prop,

Thanks, nice uptrend!

this really is one to keep on the screen. drill goes in place next month and drilling then starts in June.

Proven reserves and strikes already on the acreage and the operator (Golden Gate Petroleum) has doubled since the start of the year AND Pantheons valuation remained at 1. on that basis they should have listed at 2 in the first place!

The management team is EXCELLENT and well seasoned and kept the listing price low because by raising 10 million the entire drill program was funded (6 wells) and would rather see even better performance.

In this one for a year or two...

keep watching this beauty this week...

Dwindling downwards to 127p...

welcome to the tread. now, look at GGP.AX on tour yahoo finance or on http://www.ggpl.com.au the company is identical to Pantheon because
1. they are both pur play padre island
2. GGP is the operator and has a 37.5% stake in the fields
3. PANR has 25%
4. GGP has almost TRIPLED since PANR was priced back in November but since this team is SO DAMN AMAZING they elected NOT to move their pricing even though their nomad wanted to list them at at least 2.
5. they have a 70% strike rate on the acerage and have been there for 7 years and only NOW have the funding for the full drill program.
6. Mike Bell the head drilling guy for GGP is one of the best in the business and turned down a position at a major to take a piece of GGP...
MICHAEL BELL, BSc
Chief Operating Officer - USA

Appointed 21 November 2005

Mr Bell is responsible for driving the 2006 Padre Island drilling programme and the development and production of discovered hydrocarbons. Mr Bell is a petroleum professional with over twenty-five years experience in the Oil and Gas industry and has an impressive set of credentials and achievements, with a particular focus in the development of deepwater fields in the Gulf of Mexico with BP, Mobil and Unocal. His most recent position was Vice President, Deepwater Gulf of Mexico, Unocal Corp for 7 years where he established Unocal as a leader in deepwater exploration and was instrumental in the discoveries at Mad Dog, K2, Puma, Knotty Head, Trident, St. Malo, and Tobago.

7. PANR management and GGP management have worked together for years
8. GGP market cap= 40 million, PANR = 19 million . on a pro rata basis 37% or acerage and 25%, PANR are at a 40% discount!
9. That is without factoring in the virtually ZERO cost base for PANR and the fact that they are FULLY funded for the 6 well program to keep up with GGP.
10. They should trade to a premium to GGP!

Enough spiel, DYOR yourselves. I know this company very well and expect great things.

Rgds
PT

Below is an upto date posting from Scranmal (ADVFN) for the drilling program:

There is a new presentation on Golden Gate's website which states that Plum Deep will be first, but not until 2H2006, so possibly July/August.

http://www.ggpl.com.au/documents/2006AInvestorPresentation.pdf

thx for that. I have the a copy in front of me...

My understanding is that the first well will be drilled in June and that the drill itself is going in place next month (and has been hired for over 2 years).

Really pleased to see someone else is on the ball in this one! are you a holder?

Yes,and have just topped up.

Great posting by yourselve on the ADVFN BB by the way.

to be honest i try and avoid advfn at all times but sometimes things need to be said!

rgds
PT

i posted this on advfn to make the point....

guys it is really not EME and quite a different proposition. for a small ipo this has had excellent volume since listing and has tended to be held by high quality names.

On listing the Management actively chose not to place with stagging retail brokers or hedgies that would just flip them. Quality holders and i believe since all the institutions were scaled back they have been back in adding.

This stock will correlate closely with GGP which is flying. risks always remain but i back management teams FIRST AND FOREMOST because lets face it there are enough bullshitters out there. One very important point is this:

The founders of this business and the directors have not sold a single share. They have a hard lock in for 12 months and have a soft lockin for another 12 months. This tells you one thing....there are aligned with investors.

If they hit dusters they make nothing. If they have the results we all hope, there is the potential to add other assets on positive cash flow.

I really understand this stock and really believe this has the potential to go very far.

Rgds
PT

proptrade,

Hope you don't mind me asking,but you would'nt have the PANR pre listing document by any chance and if so would you mind sending me a copy?

Will post my email address later if needed.

Thanks in advance.

Up so far today,with the buying probably from the sunday paper tip.

Tipped as a buy in The Bussiness by Clem Chambers (from ADVFN).

From 'The Business' today
Seeing the world through gold-tinted spectacles
By Clem Chambers
16 April 2006
When people ask why should gold go to $1,000 an ounce I have always asked why not? On an inflation adjusted basis, the gold/oil long-term price correlation would have gold at around $1,100 an ounce already. As gold rises all sorts of new supplies will be found and with oil and other commodities the cycle will go into reverse. Yet that looks like a couple of years out and if the emerging markets continue their ex-pansion, the usual bust side of the cycle may not be that severe. In any event, oil is the lead indicator.
After last weeks thrilling Tesco tip, this weeks can be a little riskier. Before I deliver it, Im going to reiterate an earlier tip of Johnson Matthey. This is a blue chip, so for those happy with just building a sensible portfolio, look no further. For the risk-hungry, consider a chunk of newcomer Pantheon Resources a recent IPO and an energy exploration company. It has got away to a good start with a decent roster of smart institutions on board and has a good story forming. If you can stand the excitement and afford it, this is just the kind of play to add zip to the risk end of your portfolio. Remember though, never fall in love with a resources stock; always keep an eye out for the exit.

Clem Chambers is CEO of ADVFN, Europes leading stocks and shares website. For

affc21 - sorry, don't have a soft copy....

rgds
PT

proptrade, Thanks anyway.

i see advfn is a bit more up on this stock and i have posted there for the first time...

rgds
PT

up 7.25% so far today....i hope you guys watching are in!

proptrade,

Topped up on friday,fortunately before the large rise.

Must say I had a good week, last week,
with this (PANR) and FTO.

Have read your posts with interest (from ADVFN),very informative they were to,amongst other informative posters.

If any one is interested I would recomend a visit to the PANR thread on ADVFN site and here is the link:

http://www.advfn.com/cmn/fbb/thread.php3?id=11464188&from=1

thx for the link....

Bought these for the first time today .

they really seem to be in play..

Proptrade,

Thanks for your mention of this on the SEY thread. Sorry if you're feeling lonely over here, but FWIW I think this looks interesting. However, I am fully invested at the moment. Would be interested in any comment you may have to make on BLR, which I think has a lot of potential in the very near future.

Best of luck.
ST.

RNS out today:

Pantheon Resources PLC
09 June 2006

Pantheon Resources Plc

30 Farringdon Street
London
EC4A 4HJ


Padre Island - Rig Released to PI Project Area Operator Prior to Planned
Drilling Programme

Pantheon Resources Plc ('Pantheon') announces that it has been informed by the
Operator of the Padre Island Project Area, ('PI Project Area'), Golden Gate
Petroleum Ltd ('Golden Gate'), that Parker Drilling's rig number 122 was
released on 28 May. The rig is expected to arrive on site late June 2006. The
rig will be on contract to Golden Gate for twelve months with options to extend
for up to a further two years by six month intervals.

Once on location, the rig will commence an active drilling programme on the
Padre Island Joint Venture ('PIJV'). Pantheon expects to be involved in the
drilling of four exploration wells over an 18 month period. The exact timing and
order of the drilling programme remain dependent on the receipt of final
location approvals from the relevant authorities.

Pantheon is participating initially in six prospects as a result of a farm-out
agreement with Golden Gate concluded in April 2006. The prospect inventory
comprises primarily large, high-quality natural gas plays in an under-explored
deep section of the Gulf of Mexico. As a result of this agreement Pantheon will
earn a 25% working interest in each prospect by paying 33.333% of the costs
associated with drilling each prospect up until the point of casing. The
prospects covered by this farm-in are:

Plum Deep, from 9,500 to 15,000 feet;

Manzano Deep, from 10,500 to 16,500 feet;

Murdock, all depths from surface;

Lemonseed, all depths below 9,100 feet;

Wilson, all depths from surface; and

Kingsway, all depths from surface.

These prospects are all covered by 3D seismic. In the view of the Board of
Pantheon, the deep JV of the PI Project Area is 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.

guys, i this stock i am posting o advfn...my latest post is as follows:

the key paragraph of the report from today from the broker:

The four initial wells (out of six) have a cumalitive EMV of 200p per share on a risked basis and three have individual potential of between 175p and 340p per share unrisked.

last paragraph:

Deeper exploration drilling is high risk and not for the faint hearted (DYOR and play with what you can afford to lose!). However, the upside for Padre Island is impressive for a company the size of Pantheon.

They initiate coverage with a BUY.

My understanding is that the analyst has followed this asset for years so writes the 8 page report with considerable experience.

PLease remember to DYOR DYOR DYOR. I have and am comfortable with my position since i know the company so well but i really do stress only invest what you are prepared to lose. These sort of stocks are the highest risk of all. OK, i feel better now that i am not a ramper....covered all bases!

This company has NO gearing, cash of 9 million and market cap of 16.5 million!!!!!!!

Put simply, the EMV on all 6 of the prospects on a risked basis (ie 27% probability of plum deep, 23% of Manzano Deep etc...) AND allocating 18% as opposed to 25% interest to mitigate any royalty payment to lease owners etc is...US$64 million which works out at 2.37 per share.

On an unrisked basis (where it gets VERY interesting) is just over 10 per share. That is taking the ultra conservative Bcf estimates for each well also.

this move in the price is technical and a function of the sector. as far as i am concerned if you have one "risky" share in your portfolio this has my vote! all you need is ONE of the four largest prospects to come in and you have an ASSET worth between 1.25 and 3.40 - and that is ONE of them!

i will look to add...watch you margins though it may be choppy until the end of July....buy fully paid as i do!

rgds and good luck

PT

PT - lots of buying opportunities in the market, IMO. Thanks for another very good post. Watching and waiting . . . .

Good comment about not buying on margin, too, as things are just a touch volatile out there a present.

Nice RNS out today:

Pantheon Resources Expands in South Texas

* Pantheon expands its natural gas exploration activities in south Texas


* Three prospects to be drilled commencing early July 2006, with another


being evaluated


* This will coincide with higher impact drilling at Padre Island scheduled to


commence in early July


* Estimated total maximum cost outlay for all four prospects of US$ 650,000


net to Pantheon

* Low risk exploration complements the Padre Island drilling programme


* Multiple targets per well improve chance of success


* Further prospects identified on acreage offering significant upside

potential

* Consistent with Pantheon's stated strategy to focus on hydrocarbon

exploration and production onshore or near shore in the Gulf of Mexico


* Good potential for early, tax efficient cash flow generation. Payback per


well projected at less than 12 months


* Operator of venture, Everest Resource Company, is highly experienced in the


region with proven track record

Details of farm-in

The board of Pantheon Resources plc ("Pantheon") announces that it has farmed-into a natural gas exploration venture in Wharton County, south Texas. This venture is operated by the Everest Resource Company ("Everest") which has a long successful history operating in the Texas Gulf Coast area.

The initial obligation covers three prospects which are ready to drill. Pantheon will pay 25% of the drilling costs to earn an 18.75% working interest in Dakota and Mohawk and at the third, Zebu, Pantheon will pay 12.5% to earn 9.375% interest. The terms of this farm-in are similar to those for the deep JV of the Padre Island Project Area ("PI Project Area"). A further farm-in prospect is being evaluated.

The prospects are regarded as small with reserves estimates per well ranging from 0.5 to 4.0 billion cubic feet ("bcf"). The exploration risk is regarded as low, ranging from 50% to 80%. This compares with 15% to 36% for the deep JV of the PI Project Area. Each well has multiple objectives. As not all objectives have been included in the evaluation, this provides additional upside potential. The prospects have been identified using high-quality 3D seismic. This project provides Pantheon with low risk/reward plays to balance the higher risk/reward plays at the PI Project Area.

Drilling programme due to commence in late June with first results expected in early July. The wells are shallow (less than 5,000 feet) leading to short drilling times per well of less than one month. The expected total dry hole cost outlay is around US$400,000 and the successful completed total cost outlay is around US$650,000 for four wells. In the event of success, there is easy access to infrastructure.

Success with any of these exploration wells will lead to numerous additional drilling opportunities within surrounding acreage. There are another 13 prospects that could be pursued in the event of success which would represent a material reserve addition to Pantheon. These are also regarded as low risk with good early cash flow generation potential. These would not be subject to the farm-in terms and hence have a higher value.

Pantheon has an aggressive exploration drilling campaign. It combines a good mixture of low risk/return projects from this project combined with the higher risk/reward projects at Padre Island

Background to Everest

Everest has a long history of generating high quality oil & gas prospects in the onshore trends of coastal Texas where Pantheon intends to build its business. Its expertise is working up prospects and drilling the Wilcox, Frio, and Yegua trends along the Gulf Coast of Texas where infrastructure is already in place and reserves are quickly brought into production. It has a history of successes in all these trends and it intends to build upon that success.

The Everest Companies were founded in Corpus Christi in 1969 by E. A. Durham, II. Mr. Durham and a small group of private investors built their energy exploration and production business as a series of limited partnerships in which Mr. Durham and/or one of his closely held corporations or partnerships served as the general partner.

In accordance with the AIM Rules, the information in this report has been reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology), Technical Director at Pantheon Resources Plc, who has over 30 years relevant experience within the sector.

This is why i am long...excellent management and great deals

Hugh gas find in Texas released in today's RNS, market just released the potental now, sp will rise upwards now the US has woken up. Drilling also continuing in Mexico, another safe part of the world.

TheMaster, I'm afraid I have to take issue with your use of the word "huge" in relation to today's gas find, assuming it is Zebu you are talking about. Zebu is one of a number of gas plays recently farmed into and described in the RNS of 29Jun2006 as "small with reserves estimates per well ranging from 0.5 to 4.0 billion cubic feet ('bcf')." PANR has a 9.375% interest, so even if they have found the 4 billion, it's really not a lot.

I agree though that the prospects for the company could be good given the high probability of success of the current drilling campaigns.

shows the strength on management and the fact that PANR is about to officially have some positive cash flow!

Pantheon Resources says Dakota 1 well plugged and abandoned
AFX


LONDON (AFX) - Pantheon Resources PLC said the Dakota 1 well was plugged and abandoned after it was found to be non commercial.

Dakota 1 was the second well to be drilled on Project Wharton, a farm-in concluded with Everest Resource Co in June 2006.

Seven additional prospects are located on the Dakota area and still remain attractive targets for future drilling, it said, adding that as these are not subject to the farm-in terms, they would have a higher value to Pantheon.

The drilling rig is moving from the Dakota 1 location to the Mohawk 1 prospect, where drilling is expected to start within seven days. Another rig has been allocated to drill the Caddo prospect, which is also expected to spud within the same period.

Pantheon is paying 25 pct of the drilling costs to earn an 18.75 pct working interest in both Mohawk and Caddo. Both prospects are located in Wharton County, south Texas.

The company also said natural gas sales from the Zebu discovery are scheduled to commence shortly. The start-up has been delayed due to heavy rains.

newsdesk@afxnews.com

Sugar the pill.

Non commercial are the same as dusters.

Expensive empty holes.

Lets hope Plum Duff comes up to expectations.

Having reviewed this one, I will stand to one side and let everyone else have them.

SWW my old friend!!!! don't give up on this pup!

lets break bread and have a chicken brick surprise together!!!!!!!!!!!!!!!

seriously...'ave a few.



Rgds
PT

Okay.

You are in my book so delete that.

Pantheon is conducting an aggressive exploration campaign on Padre Island (Plum Deep) and Project Wharton (Caddo and Mohawk). Mohawk #1 also just hit gas as did the earlier well, and the third well Caddo is now spudded there.

On the big prospect which is plum deep, things seem to be progressing well, and TD is around 3 weeks aways now. If Plum Deep encounters success, these should rerate fast. Presently with both earlier wells finding gas, and the first well into production, things are looking good, so far.

This was the last update on Plum Deep -

Plum Deep Drilling Update

RNS Number:2612K Pantheon Resources PLC
11 October 2006

PANTHEON RESOURCES PLC
Drilling Update On Padre Island

*The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1
August 2006 (Texas, USA).

*As at 08:00 Texas Time, 10 October 2006, the well was at a depth of
11,359 feet ("ft") measured depth and drilling ahead.

*Drilling operations to the planned total depth of 16,400 ft (vertical
depth 15,000 ft) are expected to take approximately three weeks..

*The Plum Deep structure is considered to be a world class exploration
prospect. Gross best estimate potential reserves (previously described as
"P50 potential reserves") have been assessed in a 161-293 billion cubic feet
("bcf") range.

*Pantheon is paying 33.33% of the well costs to earn a 25% working
interest.

In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc
Geology), Technical Director at Pantheon Resources Plc who has over 30 years
relevant experience within the sector.

More good news :) only small but still good, and we await the results from the big one, Plum Deep.


RNS Number:5661K
Pantheon Resources PLC
17 October 2006

PANTHEON RESOURCES PLC

Natural Gas Encountered at Caddo Prospect

The Board of Pantheon Resources plc ("Pantheon") is pleased to announce that the
Caddo #1 exploration well has encountered natural gas. The Caddo #1 well was
drilled to test an extensional prospect on the Matthews SE Field complex. It was
targeting two anomalies on the east flank of SE Matthews Field, Thomas Field,
and Lissie Field in the Frio and Yegua sections at 4,000 feet ("ft") and 7,125
ft respectively.

Electric logs analyses and formation tests have now confirmed the presence of
some five to eight ft of net natural gas pay in the shallower objective. As a
result of the positive log confirmation, the decision has been made to complete
the well for production testing. The results of the production testing should be
communicated in the coming weeks.

Caddo #1 was the fourth well to be drilled on Project Wharton, a farm-in
concluded in June 2006. Pantheon is paying 25% of the drilling costs to earn an
18.75% working interest in Mohawk.

Six additional prospects are located on the Caddo area of mutual interest ("AMI
") which covers around 1,175 acres. The locations target comparable Yegua and
Frio anomalies, but Miocene objectives are also present in all of them. Success
in Caddo #1 would make these very attractive drilling targets. As these are not
subject to the farm-in terms, they would have a higher value to Pantheon.

In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),
Technical Director at Pantheon Resources Plc, who has over 30 years relevant
experience within the sector.

Contacts:
Pantheon Resources Plc
Sue Graham, Chairman +44 20 7379 0118
Oriel Securities Limited
Scott Richardson Brown +44 20 7710 7600

You can get Plum Deep (Kindee) updates a little earlier that UK PANR RNS's by looking at the Australian partner web site (Golden Gate) :

http://www.ggpl.com.au/index.html


The latest update just released today is :

http://www.ggpl.com.au/documents/061019GGexplorationupdate.pdf

19 October 2006
EXPLORATION UPDATE AT PADRE ISLAND Kindee ST 212, Padre Island Texas, Operator 37.5% WI

The Kindee ST 212 #1 well on the Plum Deep Structure was spudded on 1 August 2006 (Texas, USA). As at 07.30 Texas Time, 18 October 2006, the well was at a depth of 11,971 measured depth and drilling ahead. The planned total depth of the well is 16,400 ft (vertical depth 15,000 ft).

Partners in the ST Kindee #1 well are:
Golden Gate Petroleum Ltd 37.5% WI
Lodore Resources Ltd 37.5% WI
Pantheon Resources Plc 25.0% WI

Waking up today, nice little move up.

No one posted this yet Todays Daily Express

Drug discovery firm EiRx Therapeutics was steady at 0.28 amid speculation it was set to receive two milestone payments.

L2 2 v 2 @128/133 but all buys at full offer price, which suggests that possibly we are nearing a stage where stock is getting short of supply, this is backed up by recent SP movements. Certainly getting to a very very interesting stage.

Risk/reward is good IMO, and plenty of news for the coming 2 to 6 weeks for the short term picture.

Planned drilling dates for all the wells in Padre Island were updated in yesterdays "Replacement : First Quarter Activities & Cashflow Reports" published by GGP

http://www.asx.com.au/asx/research/CompanyInfoSearchResults.jsp?searchBy=asxCode&allinfo=on&asxCode=GGP

Wilson is due to spud November 2006, Manzano December 2006, Murdock South 1st Qtr 2007, Lemonseed 2nd Qtr 2007, and Kingsway 2nd Half 2007.

"Bigger than Texas - junior aims to pluck Plum prospect"

Sonya Neufeld, Steve Rotherham
Thursday, 2 November 2006

WITH its Kindee ST212-1 well on Texas' Padre Island drilling ahead at 14,300 feet (4358.6m) towards a 293 billion cubic foot gas (P2) prospect, Golden Gate Petroleum believes the year ahead is likely to be very "exciting".

In its quarterly report, released on Tuesday, the Perth-based junior said during the 2006 September quarter, its estimated net share of production from its US operations was 181.9 million cubic feet of gas and 1903 barrels of oil.

Based on current production rates, Golden Gate's gross share of production from Padre Island is currently around 2MMcf of gas and 21bbl of oil per day, it said.

Golden Gate told PetroleumNews.net that the Kindee ST212-1 well, targeting the Plum Deep Structure, is drilling ahead at a measured depth of 14,300ft. The total planned depth of the well, 16,400ft, is expected to be reached in the middle of this month.

Plum Deep has an estimated gross P50 reserve potential of about 293 billion cubic feet of gas. The upside potential (P10) is 952Bcf.

Golden Gate operates the well with a 37.5% interest and under arrangements with partners Japanese company Lodore and AIM-listed Pantheon Resources, it will contribute 33.33% towards the drilling costs to casing point.

Lying within the same fault trap as the Dunn-Peach-6 well, Kindee ST212-1 is targeting deeper reservoirs, between 9500ft and 16,500ft. Dunn-Peach-6 was confirmed as a discovery earlier this year and is flowing 1.9MMcfd of gas.

The company also said the Kindee well is the first of eight wells to be drilled on Padre Island over the next two years.

"The island has a mixture of shallow and deep plays," managing director Sam Russotti told PNN.

"We have begun drilling high-impact, deep prospects and are close to restarting development of the lower risk, shallow prospects.

"Many of the deeper targets have reserves potential in the 100Bcf-plus range, and with good 3D seismic and very little deep drilling having been done on the island so far there are plenty of targets to choose from."

Extensive evaluation had confirmed six mature, quality, deep exploration targets of which Plum Deep, Manzano and Murdock South had been identified as the largest. Each offered the potential for significant additional reserves and early cash flow, Russotti said.

Golden Gate plans to drill all currently defined prospects, except possibly Kingsway, from onshore, with the advantage of substantially reduced costs for exploration and development compared with offshore drilling. Onshore drilling would also significantly cut production lead times in the event of commercial successes.

Golden Gate also released its annual report yesterday, revealing that total revenue for the 2005-06 financial year increased more than sevenfold to $4.4 million, compared to $584,210 in the previous year.

"As a result of the progress made over the past year, 2007 promises to be a very exciting year for the company and its shareholders."

http://www.petroleumnews.net/StoryView.asp?StoryID=68135

First Gas shows announced today :) Thats a good sign imo :)

http://www.asx.com.au/asxpdf/20061107/pdf/3zg55gql790rm.pdf

Post from AFN :

"ZENGAS - 14 Nov'06 - 12:54 - 7424 of 7424


I've had a further look over eme - current mkt cap 30m and the amount of speculative money that has piled into it at these levels looking for 50 - 60m mkt cap again.
Cash position at 31/3/06 was 3.2m ($6m).
Costs will have come out of that from at least 31/3/06 for Glantal that was ongoing and P&Ad almost 4 months later on 28th July.
The costs of Sugarloaf have to be factored in (around $750k) plus the opeartions at Eagle which have stalled trying to retrive equipment and now needs a new side track well and they have to get a deep drilling rig (17-10 rns) to come and drill it.

From 31-3-06 I estimate that their cash position is now around $3m with all hope resting for the moment on Sugarloaf.

Reserves for Sugarloaf are estimated at 970 bcf (P50) to 2.3TCF (P10).
With a 6% share to EME that equates to possibly 58 bcf or 138 bcf with about $3m left in the bank.

If you look at Pantheon position circa $14m with one well on production - generating income and 2 others awaiting test results the Padre Island upside potential

Using Golden Gates figures for Padre Island.
Plum deep P50 = 293bcf. P90 = 952 bcf.
Wilson P50 = 5 bcf. P90 = 21 bcf.
Manzano P50 = 337 bcf. P90 = 816 bcf.
Murdock South P50 = 232 bcf. P90 = 463 bcf.
Kingsway P50 = 16 bcf. P90 = 41 bcf.
Lemonseed P50 = 67 bcf. P90 = 239 bcf.

P50 = 950 bcf with P90 = 2.532 TCF.

On a share of 25% to Pantheon that equals 237 bcf to 633 bcf.

Pantheon targetting 400% to 450% greater attributable gas volumes than eme.
Pantheon 50% cheaper than Empyrean.
Pantheon have at least 4 times as much cash (ie $14m versus $3m approx).
Pantheon have maiden production from 1 well with 2 more possibly to follow.
Empyrean could likely face a cash call after the new side track at Eagle is drilled.

As a further sweetner Pantheon have access to a further 17 low costs well which can if taken up offer the potential for substantial accumulative income.

You have to ask yourself in reality what offers better value/risk/upside. This is why I prefer Pantheon and the leadership and strategy of Sue Graham."

Many thanks PP for forwarding the Zengas report, it makes plenty sense.
Needless to say PAN.r is not on the PI's radar screens like EME
If Plum Deep comes good this share goes north big style- not long
to wait now- TD next week ?
Think this will get leaky PP like the last big drill ?

nite ram, TD is here already......time for logging and testing of zones.


16 November 2006
EXPLORATION UPDATE AT PADRE ISLAND
Kindee ST 212, Padre Island Texas, Operator 37.5% WI
The Company advises that the Kindee ST212 #1 well on the Plum Deep structure has reached its target
depth of 16,392 ft (measured depth).
Electric logs are in the process of being run. A testing program will be formulated following the
evaluation of the electric logs.
The next well in Padre Island Joint Venture will commence once the rig is released from the current well.
Partners in the Kindee ST212 #1 well are:
Golden Gate Petroleum Ltd 37.5% WI
Lodore Oil and Gas LP 37.5% WI
Pantheon Resources Plc 25.0% WI
Contact:
Mike Bell
Managing Director
Phone +1 713 334 0986
Sam Russotti
Executive Chairman
Phone +61 2 6587 4348
For more information: www.ggpl.com.au

But no mention of further gas shows. Isn't that slightly ominous? How long till results are known? I think we may be in for a fall this morning. Oh well.

Going to be a good news day !! :)

http://www.asx.com.au/asxpdf/20061130/pdf/3zvyjw62jqjl2.pdf


Kindee ST 212, Padre Island Texas, Operator 37.5% WI

The Kindee ST 212 #1 well on the Plum Deep Structure was spudded on 1 August 2006 (Texas, USA).

The Board of Golden Gate Petroleum is pleased to advise that electric logging of the well has been successfully completed.

Our preliminary interpretation of the logs has identified 4 zones which are potentially gas bearing and warrant further investigation. Collectively these zones span a gross interval of over 1000 feet.

As operator, Golden Gate is planning a comprehensive testing programme which it expects to recommend to the Joint Venture. This will be the subject of a future announcement once the programme has been approved by the Joint Venture. The programme will provide the additional information needed to determine the commerciality of each of these zones.

Mr. Russotti remarked The initial results from the electric logs are encouraging and the gross interval encountered is in line with our pre-drill estimates. The final out come is of course dependent on the results of the testing programme.

Partners in the ST Kindee #1 well are:
Golden Gate Petroleum Ltd 37.5 WI
Lodore Oil and Gas LP 37.5 WI
Pantheon Resources Plc 25.0 WI

Contact:
Sam Russotti
Executive Chairman
Phone +61 2 6587 4348
For more information: www.ggpl.com.au
Mike Bell
Managing Director
Phone +1 713 334 0986

So pp.

Two questions.

1) What were their expectations?

2) Is this 4 zones over 1000feet of strata or 1000feet of gas bearing rock?

"Collectively these zones span a gross interval of over 1,000 feet."

So I read it that there are 4 zones over a span of 1000feet, not a 1000feeet of gross pay.

Better than nothing .

This is in line with their expectations.

4 zones with a combined 1000 feet of gross pay. According to the latest RNS GGP will test 3 zones over the next 3 weeks. The largest zone has an 800ft interval and will be sidetracked. The results of each zone will be reported individually.

Then there is Wharton. News due on flow rates on two wells, Mohawk and Caddo. And the further prospects that PANR can farm-in to at Wharton.

Moving up with expectations now, a positive result will see the SP rise fast, and also the opposite if not.........

guys....this is getting interesting. news expected this week...

SWW, get in there!

Rgds
PT

Hi prop, I have watched this for a while now, I am in between brokers as is my cash so I can't just yet.

Good luck though, things look on track for a great result.

Hi prop, just seen Golden Gate are down over 20% in Oz and there is a news release, not looking too good so far at Plum Deep.

Golden Gate Web Site. No news yet but RNS has been issued to the ASX.

ASX Golden Gate Company Web page

I know there is another zone to test but think I will stay out.

All the best.

December 21, 2006

PANTHEON RESOURCES PLC

Padre Island Testing Update


The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1
August 2006 (Texas, USA).

The preliminary results of the first stage of the testing programme have
now been received

The first conventional core in the sidetrack well has been successfully
retrieved and is under analysis. Initial results from the first drillstem
test ('DST') are also available. The DST was conducted in the shallowest of
three potential zones within the open hole.

Preliminary interpretation confirms the presence of a tight reservoir
formation. Fluid recovery was primarily of drilling fluid, with some
formation water and traces of natural gas. No natural gas flowed to surface.
Pressures were in line with pre-test estimates.

Initial interpretation of the core shows the interval primarily to be
inter-bedded silty sandstone and siltstone, with thin beds of sand and
shale. Preliminary determination of porosity and permeability show this zone
to be primarily water wet, and unlikely to contain commercially recoverable
hydrocarbons.

Drilling to the next planned core point is now underway. This will
initiate the collection of a second and final core. This second core will be
taken in the deepest zone which spans over 800 gross feet. Once this is
collected, drilling will proceed to a TD of 15,450 feet measured depth. At
this stage a comprehensive logging and sampling programme will be
undertaken.

The results of the core analysis and the logging programme in the deeper
zone in this sidetrack should determine whether this deeper zone is
commercial or not.

In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),
Technical Director at Pantheon Resources Plc who has over 30 years relevant
experience within the sector.

Kant#1 is non commercial.


Pantheon Resources PLC
09 January 2007

PANTHEON RESOURCES PLC

Kant #1 Well Non-commercial

The Board of Pantheon Resources plc ('Pantheon') announces that it has been
informed by the operator, Everest Resource Company ('Everest'), that the Kant #1
well reached a total depth ('TD) of 4,750 feet on January 6, 2007. A full suite
of electric logs was run. The results of the log interpretation indicated the
presence of hydrocarbons in the primary objective. However the well was deemed
non-commercial due to low natural gas saturation and thin reservoir sands. A
decision was to plug and abandon ('P&A') the well as non-commercial.

Pantheon plans to drill another exploration well, Baptist, in first quarter
2007. A further three wells in and around the company's discoveries are
currently scheduled for 2007. As these are not subject to the farm-in terms,
they would have a higher value to Pantheon, if successful.

Since its initial farm-into three projects in June 2006, Pantheon has farmed
into three more prospects and drilled four wells on Project Wharton. Pantheon is
now producing from two natural gas fields, Zebu and Mohawk. A third, Caddo, is
scheduled to be commissioned shortly. When combined together, these fields will
make up an attractive and growing income stream for the company. This increasing
natural gas production occurs at a time of improved US natural gas prices. It
represents an important income stream for a small company such as Pantheon with
attractive near term financial returns.

The current interests and status of all prospects in which Pantheon has an
interest are shown in table 1

Table 1: Project Wharton and Pantheon's Interests

Prospect Pantheon Working Interest Status

Zebu #1 9.375% Producing
Caddo #1 18.75% Due on-stream early 2007
Dakota #1 18.75% P&A non-commercial shows
Mohawk #1 18.75% Producing
Baptist #1 11.50% Drilling scheduled for 1Q 2007
Kant #1 18.75% P&A non-commercial shows

Plum Deep becomes Plum Duff!

http://moneyam.uk-wire.com/cgi-bin/articles/200701100700362578P.html

Non commercial a small 25foot zone still left for testing!!!

Bad luck prop.


Pantheon Resources PLC
10 January 2007

January 10, 2007

PANTHEON RESOURCES PLC

Plum Deep Deeper Zones Non-Commercial. Testing of Fourth Shallow Zone To
Proceed. Moving to Drill Wilson Prospect.


* The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1
August 2006 (Texas, USA).

* The well has been completed following the electric logging and testing
programme of the deepest three zones in the sidetrack well.

* This programme has determined that the deepest three zones in the sidetrack
well are non-commercial, despite encouraging preliminary indications.
Consequently the sidetrack has been plugged and abandoned.

* A fourth shallower zone remains to be tested. This is located behind the 7
inch liner. Indications of a natural gas-bearing zone were recorded over an
approximate interval of 25 feet.

* A work-over rig will be utilised to test and evaluate this fourth zone.
This testing programme will commence within the next six weeks. The results
will be released to the market as they become available.

* The Parker 122 rig has commenced moving to the next location in the
drilling programme.

* The Kindee ST 949 #1 well will be drilled on the Wilson prospect, further
north on Padre Island.

* This well will test prospective zones in the upper Frio system This system
is different from the primary Middle Frio objectives of Plum Deep. This is at
similar depths to where discoveries have been made elsewhere on Padre Island.
These include La Playa Deep and La Playa Shallow to the north, and Dunn Peach
# 6 to the south.

* The Board of Pantheon is obviously disappointed with the results of the
testing and sampling programme. Detailed evaluation of the data gathered will
now commence. This is expected to take some time and the conclusions may
impact on the rest of the drilling programme. As a result of the time
expected to be expended on the analysis of the data from Plum Deep, near term
drilling has shifted to the shallow prospect in Pantheon's portfolio, Wilson.

In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),
Technical Director at Pantheon Resources Plc who has over 30 years relevant
experience within the sector.

prop - I am glad I did not come in.


Good luck but I think this is in a bit of trouble now.

cheers buddy...c'est la vie in this sector. I still own 3% of the company so it is a bit costly!

Rgds
PT

This is looking dire prop.

Are you still in?

I see this mornings note about the lapse of licenses as a disaster.

http://moneyam.uk-wire.com/cgi-bin/articles/200703230745355769T.html

Where does it go from here?

Chart for PANR

Don't think so............

The white candle is because of an update by GGP, not repeated here by PANR, they seem to be learning a lesson fromthe over bullisj Aussies.

The pudding is yet to be tested!

I think this will move now.
-------------------------------------

Pantheon Resources says initial test results on Wilson prospect successful
AFX


LONDON (Thomson Financial) - Pantheon Resources says initial test results from the first zone in its Wilson well on Padre Island were very successful.

Pantheon says the test resulted in a peak flow of 3.3 million cubic feet of natural gas through a 10/64 inch choke.

The company said a further three selected zones are to be tested over the coming weeks, and if similar results are obtained it is possible the company will exceed its pre-drill reserve estimate of 21 billion cubic feet.

Pantheon's Chairman, Sue Graham said: 'this successful initial test at Wilson represents a major and material event for a small company like Pantheon and builds on the exploratory success achieved at its Wharton Project'.



tf.TFN-Europe_newsdesk@thomson.com

ejp

Move, it certainly did. Well done to anyone who's in!

This from the other side PANR up 84% today to SER

Still, the fact remains JJ that PANR has risen 77% to a market cap of 12m on news of a net 12bpd and 1.1mbbls equivalent compared to SER's 150bpd and 7.6mbbls. Those are the cold, hard figures.

(SER) NEXT

market report:

"AIM tiddler Pantheon Resources was in demand as it released news of a large gas discovery at its U.S operation.Talk the find could be worth several times its current value had dealers piling into the stock "

Fantastic news...Strong Buy!!!

Yes! This is a BUY BUY BUY.

Posted this on my TA thread tonight, but in the spirit of a good ramp, have posted it on here as well :)) Well it is the PANR thread afterall :))

Something different tonight; I have mentioned previously I'm not a great fan of flags, pennants etc, but for a bit of interest thought I would mention the 'Cup with Handle' formation. I have to be honest though and say that it's not only interest but self-interest! The reason I have spotted this is that I do hold shares in PANR. Here's the criteria:

Cup with Handle Bullish Chart Pattern

A Cup with Handle is considered to be a bullish signal.

Description

Cups with Handles are similar in appearance to Rounded Bottoms. Like rounded bottoms, the pattern includes an elongated U-shape. However, the pattern also includes a short period of consolidation of 1-2 weeks in duration, which tends to be downtrending. The pattern is similar in appearance to a coffee cup with a right-side handle, and indicates the potential for an uptrend.

Important Characteristics

Following are important characteristic to look for in a Cup and Handle.

Shape

The cup always precedes the handle. As the cup develops, the price pattern follows a gradual bowl shape. There should be an obvious bottom to the bowl; a v-shaped turn is not a good indicator.

The depth of the cup indicates the potential for a handle and subsequent breakout to develop. The cup should be fairly shallow.

The handle tends to be down sloping, and indicates a period of consolidation. Consolidation occurs when the price seems to bounce between an upper and lower price limit. You can track the down sloping angle of the handle by drawing trendlines across the upper and lower price limits. If the price ascends outside of the trendlines, then it has the potential for breakout. If the price ascends beyond the upper, right side of the cup, then the pattern is confirmed, particularly if it is accompanied with a sharp increase in volume.

Volume

Volume tends to parallel the price pattern. Consequently, during the cup formation, as price descends, volume tends to decrease. Following a period of relative inactivity (at the bottom of the cup), the price pattern starts an upward turn and volume tends to increase.

During the handle formation, the volume decreases. However, you will notice an increase in volume when the price breaks out beyond the right side of the cup.

Duration of the Cup and Handle

Rounded Bottoms are long-term patterns. Martin J. Pring identifies that the pattern can occur over a period of about 3 weeks, but can also be observed over several years.

Trading Considerations

Duration of the Pattern

Like Rounded Bottoms, the Cup with Handle is a long-term pattern. According to O'Neil, the cup duration is between 7 to 65 weeks. According to Gregory Khun, the cup "is usually three to six months in duration but can be as long as 12 months during bear markets or as short as seven weeks during bull markets." The handle usually develops in 1-2 weeks.

Target Price

Understandably, investors like to buy at the lowest possible price. Ideally, investors would buy at the bottom of the cup formation. However, by the time the handle formation begins to develop, investors must gauge their level of risk. There is no surefire way to predict when the lowest point will occur, and there is a possibility that the pattern will fail, and breakout in a downtrend.

Some technical analysts believe that the best time to buy is after the handle begins to ascend. According to Rick Martinelli and Barry Hyman, O'Neil "recommends buying stocks only as they break out of the cup-with-handle to new highs". Khun suggests a more aggressive method of buying stocks. He suggests that "experienced traders can buy in increments in anticipation of a breakout, but it's tricky."

The handle will often slope downwards initially, however, watch for the price to breakout beyond the price at the right side of the cup. The depth of the cup from the right side is an indicator for the potential price increase. However, Bulkowski notes, "Many cups fail after rising only 10% to 15%. Be sure to use stop-loss orders to limit losses or to maximize gains".

Criteria that Supports

Volume

Volume tends to parallel the price formation. During the handle formation, watch for the price and volume to increase. An increase in volume is an indication that the pattern has potential to continue the uptrend, and ascend beyond the right side of the cup.

Criteria that Refutes

V-shape

There are v-shaped patterns that yield successful returns, however, during the cup formation, watch for a rounded shape because the rounded shape provides a more reliable and predictable formation.

Down sloping handles

The handle will tend to be down sloping, however the following criteria indicate a potential failure:

The handle should not drop below the top half of the cup formation
The price should not drop below the 200 day Moving Average

And here's the chart:



Seems to fit the criteria quite well, although the price has been below the 200MA throughout, so not too sure how applicable that is, might negate the whole thing.
The blue dashed line represents the breakout level - 75p.
I have also drawn two trendlines; the downtrend resistance is drawn from the high of last year, which the SP broke through this week and then acted as support during the first small pull back - a good sign.

Even if the formation fails there is also good support provided by the trendline drawn from May.

As always no advice intended, DYOR etc etc and I shall wish myself good luck for the next weeks or so :))

pth

Whatever the outcome of this cup and handle business it's worth noting that there are only 15,552,329 shares in issue, over 10 million of these are tied up as substantial notifiable holdings leaving just a third as 'free float'. No wonder it's somewhat illiquid and prone to sharp moves on relatively little buying or selling.

In comparison to other gas and oil companies with a similar market cap of 10m, PANR have an awful lot more going on, are producing and generating income.

It's worth taking note of the information flow emanating from the company.

Decide for yourself if they are fairly priced, under or over valued.

pth

Oh and Directors hold a further 2.5 million leaving only 3 million or so available to the average punter :)

Media coment, click HERE

The hook-up of the wilson well to the sales pipeline should be imminent . This WILL INCREASE THE INCOME FROM GAS SALES BY 10X THE CURRENT AMOUNT!

A positive snippet in this weeks issue of the shares magazine.

On 21st nov. institutions oversubscibed for near 1m of new shares @60p per share.This company is producing gas, has enough cash in hand to fund their share of several new wells to be drilled this year, operates in the west coast of america[a politically safe environment] has just apponted a new ceo who has plans to substantially increase the size of the company and is only capitalised at 6M.Four wells which they are involved in should be drilled during the first half of 2008.If some of these produce positive resuls the share price could go up dramatically,there is very little downside because their share of the Wilson discovery is worth more than 40p per share.

Currently 26.5p...

Pantheon says Petro Hunt recommends Nottoway prospect be plugged, abandoned - AFX

LONDON (Thomson Financial) - Pantheon Resources PLC said Petro Hunt LLC, the operator and majority partner in the Fay Weil Ross et al #1 well on the Nottoway prospect in South Louisiana, has recommended that the mine be plugged and abandoned after the drill pipe got stuck again.

Petro Hunt now intends to move the rig to the Point Clair prospect near Nottoway Dome, which is a lower risk and shallower target.

The operator will re-evaluate the drilling programme at Nottoway Dome before making a recommendation on how to proceed.

Although it was disappoing news that the Fay Weil Ross well was to be abandoned, it has provided an excellent buying opportunity. Finance is in place for several more wells to be drilled this year.The value of the Wilson discovery more than covers the current capitilisation. The current share price does not reflect in any way the value of having Jay Cheatham [the former President of Arco a 9billion oil and gas company ]with his knowledge and contacts. I think the share price is just as likely to go up when the plan which he and the board are developing to make the company grow significantly is anounced as it will be if we get positive news from new wells.

Personally, I'm happy to remain a long term holder, although obviously disappointed with the latest duster. I like the way PANR do their business and it will take only one good find for the SP to recover. They are also producing and generating income, so it's not all gloom and doom. You have to accept that when investing in exploration companies it can be a rocky ride, if not a total disaster; perhaps investing should be changed to betting?

pth

Personally I am happy never to have held these.

Looks to be a looser.

Dud after dud.

Nearly all the best fields in the deep south have already been found according to my information which allows for the odd one or two that many have been missed, but come on, who is kidding who here?

That's ok then, you're happy and I'm happy. 'Dud after dud' does that include Wilson? Guess not, that wasn't a dud, which as geoffsh points out more than underwrites the current capitalisation. The markets will always react badly to a duster and dependant on the situation can offer a buying opportunity before the dust(er) has settled.

Pantheon Resources says partner Petro Hunt to abandon Point Clair Well 1 - AFX

LONDON (Thomson Financial) - UK small cap Pantheon Resources Plc. said its partner Petro Hunt LLC has decided to plug and abandon Well 1 at the Point Clair prospect, in Iberville Parish, Louisiana, after finding the well was not commercially productive.

Pantheon Resources is an oil and gas exploration company active in the Gulf of Mexico. Petro Hunt is the operator of the Point Clair well, which is part of Pantheon's high impact suite of wells in South Louisiana.

Bullseye, also located in Iberville Parish, will be the next well to spud, later this month, Pantheon said.

TFN.newsdesk@thomson.com

ypv/cmr

Well, that's fooked it, three duds on the bounce from areas thought to be commercial no-brainers. Not at all happy now, so into the bottom draw they go. The only silver lining is the small market cap / shares in issue and at least are revenue earning. Unless the next well comes up trumps and even if it does a further return to the market for funds is definitely on the cards. Should settle down between 5-10p, Ho hum :(

Its gone now 2/3p is all they are worth.
the damage is done theres no way back for shareholders.

What did I tell you!

I even gave it to you before they did.

Wilson, yeah but is it worth it?

Not for me it ain't.

Bad luck pt, your a nice guy who don't desrve it.

down 10% today.

Poo, it was a gamble that didn't come off, it's not the end of the world and the shares are paid for, so not as if I have to worry about leveraged margin calls. I'll forget about them for a while now.

Mitzy, you're not related to Hlyeo are you? You have a knack for stating the blindingly obvious. Are you going to post the percentage share movement every day?

Hi pt...

I have no interest in PAN it was always a risky share and certain people have hyped it out of all recognition.

Any thoughts on this one .

This could be an opportune time to invest in Pantheon Resources.They are currently involved in drilling a well [Bullseye] which should reach the target depth within the next two weeks. If successful the share price could double,a well in the Austin chalk area of Lousianna is due to be spudded by end June beginning July this is a very successful area for producing. There is not a lot of scope for downside because the company is only capitalised at 9.5mln. has currently income of approx.1.3mln a year and recently raised 4.5mln.

Well, there is a downside in the short term if Bullseye fails to come in. Failure here will mean three dusters on the trot and the associated collapse in the share price. Alternatively if Bullseye does come in the re-rating of the SP may be a lot more than just x2; depending on flow rates, we could be looking at 100p-200p. Of course that doesn't allow for any future possible success from the latest farm in mentioned by geoff. Personally I have always looked at this stock as a purely speculative punt that will either tank or reap a very nice reward.

pth

A very nice reward looks more likely, know that an update from the Bullseye well has been released today on GGP [ the operator]s website www.ggpl.au.com. It seems highly likely a commercial oil well [ also gas ] will be announced very soon, after more testing this week, also Austin chalk well should be spudded within the next few weeks.

Sorry, the GGP website is actually www.ggpl.com.au

As Geoff states, quite encouraging, although quite a prudent announcement.

From the GG Website:

Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana

The Company advises that on Thursday (21/08/08), North America time, the Jumonville #1 reached its revised total depth of 12,440ft MD which is estimated to be 80 feet below the base of the primary objective in the Miogyp sand. Given the high pressure conditions of the borehole from the Miogyp sands and surrounding shales, the decision was made to run and cement in a production liner which was completed on Saturday (23/08/08). Cased hole logs are planned to be run Tuesday, North American time, while work continues on installing completion equipment in preparation for production testing. Preliminary data from mud logging indicated that a reservoir sand of 30 to 35 feet thick has been encountered in the
Miogyp. This reservoir thickness is in line with pre drilling expectations and will be confirmed once logs are run.
During drilling operations significant amounts of light oil were observed in the mud pits and highly elevated gas readings were recorded. Our general consensus is that the Miogyp reservoir is a predominantly oil reservoir with estimated bottom hole pressure of over 10,000 psi.
While this information is preliminary, it does provide a strong indication of a commercial discovery. Further confirmation of sand thickness, bottom hole pressure, flow rates and assessment of potential reserves will require data from logging and flow testing. The Company is very encouraged by these preliminary results. However, expectations should be tempered based the information to date as it needs further confirmation. As a consequence the Company remains cautious until a full evaluation can be completed.

Great news for Pantheon!

LONDON (Thomson Financial) - Pantheon Resources Plc. said operator, Golden Gate Petroleum Ltd., has estimated potential reserves of 16 million barrels of oil equivalent (MMBOE) for the Miogyp sands well on the Bullseye prospect in Louisiana.

The flow test is anticipated to begin within the next week, which will further define the size and commercial significance of this discovery, the AIM-quoted oil and gas exploration company active in the Gulf of Mexico said.

PANR have a 11.25% interest in this well after buy back in. Assuming price of oil remains at worst case $100 per bbl, company share in financial terms is $160M. The reserves are still estimated and subject to flow testing and doesn't account for any possible commercial gas finds (if there are any).

PANR market cap is in the region 13.5M - go figure :)

Charts starting to look interesting pt .... ramp ramp but don't tell tabby.

:-)

Indeed Dil, I like the support at 30p and a steady rise during an otherwise red day. I think the precaution to stop working on the latest well during the approach of GUSTAV was sensible but unfortunately stopped the SP reaction to a successful drill in its tracks. I think this latest well is good for an increase to the 40p region on the current information available, hoping that the flow tests show more rather than less.

Would be nice for the rampers to arrive in force mind - this share is so illiquid, any concerted buying (or selling) sends it flying!

lol

Maybe we could hire tabby for a week.

Pay him a quid, would double his weekly income :-)

Work has resumed at bullseye.www.ggpl.com.au

Indeed Geoff, the reports on their website are becoming a little more positive, note the penultimate paragraph. I'm also very happy to note the comments regarding a gas pipeline, I speculated previously if the find might also include a commercial gas discovery, seems that is the case, adding to the overall valuation of the well :)

The Company advises that the Jumonville #1 well and drill-site were not impacted by the recent Hurricane Gustav passing to the west of the location. Completion work recommenced on Friday (5 September) after clearing numerous downed trees along the access road. The Company continues to closely monitor the Gulf Coast weather situation and the tracking of new hurricanes.
The production liner tie-back for the Jumonville #1 well has been successfully run and cemented, while further completion and surface facility operations are in progress.
A flow testing program is expected to start within the next week. Planning and permitting for a gas sales pipeline for associated gas is also underway.

The Company is very excited about the large potential of the Bullseye prospect, however it does stress that the commercial significance of the discovery is yet to be determined and will be a function of a planned production testing operation.

Well, aint that just dandy!! No sooner do PANR announce a commercial discovery at Bullseye, their other producing well at Wilson not only hits a mechanical difficulty but produces greater quantities of water, FFS! Unless the flow rate tests at Bullseye are fairly spectacular, think the SP is going to suffer.

GOOD NEWS FOR PANTHEON!!!

Exceptionally good Geoff, shame the market is in such a shambles at the moment, but value will out eventually :)

Pantheon tipped in Shares mag today.

Just read the article and tempted to buy in after some research, with sp at 16.5p the market is ignoring the positive news.

GREAT news for Pantheon.

It was announced today that the Austin Chalks have been spudded.With Bullseye producing oil and being developed and the potential of the Austin Chalks, 2009 should be a very exciting year for Pantheon.

Good news for Pantheon today re the Acosta well.

I see the c.e.o. has been buying today.

Exciting month ahead for Pantheon, with test results due from both Austin Chalks and Bullseye 2.

Test flow results from the first Austin Chalk well should be out within the next week.

Test results from the Austin Chalks should be out Tuesday 1.00pm, its looking very exciting for Pantheon.

Austin Chalk results out any day now.

Is this a "talk to yourself" thread lol.

Yeah, it would seem like it Balerboy,however,I believe that this week will bring significant news from both of the wells which Pantheon are involved in and that by the end of this week, there will be a lot more people interested in Pantheon than there are at the moment!

Is this the news you meant?

Pantheon Resources Suffers Delays
Business Financial Newswire


US oil & gas exploration company, Pantheon Resources says that it has experienced delays in the development of both the Jumonville wells and the Vision Rice University well.

In the case of the former, there may be a blockage in the wellbore and in the case of the latter there have been significant delays since encountering very high pressure gradients and natural gas flows. As previously announced, these delays have resulted in additional costs becoming payable.

hlyeo98, That was not the news I was expecting to see, but there is still the distinct possibility that these problems will be overcome and oil and gas flows will propel the company to another level.

GOOD NEWS FOR PANTHEON SUCCESSFUL WELL COMPLETED.

Just dipped my toe - small holding but from tiny acorns....

May I ask why? from a chart point of view not very encouraging, do you know the results from the confrence call???

I don't, it's purely a speculative punt which is why it's a small holding.

Wellcome aboard, queen1 If you want to get a lot more information and a lot more comments, try, www.advfn.com then go to free bb then scroll down to Pantheon Resources-US Gas play on the third page.

Thanks geoffsh. Good to see a 1/2p increase after getting in today :-)

Hopefully this can be the year Pantheon finally realise their potential.

It's been looking pretty good recently!

These are worth at least 100p imo.

I came out at 28p thinking that was it for now, but looks like it's got somemore go in it..

It's only worth 100p if Austin Chalks comes good.
On the plus side there is oil there, how much is the question!

Agreed Austin Chalks has to come up trumps its 50/50 whether it does.

Err, it already has!