Pantheon Resources - US Gas Play

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UK smallcap opening - Pantheon Resources higher after drilling update


LONDON (AFX) - Pantheon Resources shares climbed higher in morning trade, 5
pence stronger at 125, after announcing it is continuing an "aggressive
exploration campaign" on Project Wharton in southern Texas, with the spudding of
Kant 1 on Dec 29.
Pantheon said the well has potential reserves in a range of 0.25 to 2.0 bln
cubic feet and is the fifth to be drilled on Wharton.
It added that the initial success rate on the project is around 75 pct.
In a separate statement, Pantheon said that the second coring operation for
Plum Deep, also in Texas, has begun at a depth of 15,103 feet, with results
expected by mid-Jan.