Yes, PANR has taken a hit today. But it is the first shallow zone which is 5% of the gas interval that has been tested so far. 800ft still remains to be tested in this well alone. I assume it was the 800ft zone that was targeted following the 3d seismic, rather than the thin 50ft zone which has been tested so far. After that they have another 5 wells which will be drilled in 2007 on Padre Island.
They also have the Wharton project, where they have drilled 4 wells, and now have 3 commercial finds, with 2 producing and 1 to be brought on online soon. They have farmed in to another 2 wells to be drilled in 2007. Wharton is low risk, low cost, and small prospects so not company changing but at least giving them a small income stream - smaller than Sefton's daily income.
In a way they are similar to Sefton, who also need to drill more wells to raise the sp. That will still be exploration, albeit they know where the oil is at Tapia, and in 2005 drilled 5 wells and found oil which flowed at a commercial rate in all 5.
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