Pantheon receives promising results from Bullseye drilling
Monday, August 18, 2008
Oil and gas group Pantheon Resources has received some positive early results from drilling at the Jumonville #1 well at the Bullseye prospect in Louisiana, US.
Pantheon reported that over the weekend the well operator, Golden Gate Petroleum Ltd, had been continuing to drill to total depth when the well entered the primary Miogyp formation. After penetrating approximately 5ft into the Miogyp, shows of both oil and natural gas were encountered and the well continued to circulate oil to the surface.
Pantheon said that once total depth was reached – expected to be on Monday night (August 18) – a full suite of logs would be run and evaluated.
Jay Cheatham, the company’s chief executive, 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.”
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