News

Pantheon Resources expects charge on Wilson well

09 September 2008 10:55:00

Pantheon Resources said it anticipates adopting a conservative approach to falling production volume in regards to the Wilson well and will take a material impairment charge against the well.

The group said the Wilson well is presently shut-in, pending a work-over to assess a possible mechanical problem. Prior to shut-in, water production from the well increased significantly, coupled with a reduction in production volumes.

"Whilst the full impact of the Wilson well is subject to the pending mechanical works, Pantheon anticipates adopting a conservative approach in the light of the falling production volumes and would anticipate taking a material impairment charge against the carrying value of the well in the Company's balance sheet," said the group.

Pantheon said the Jumonville #1 well and drill-site were not impacted by the recent Hurricane Gustav. Completion work recommenced on Friday, 5 September 2008 after fallen trees along the access road were cleared.

"The company is very encouraged about the 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," it added.

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