Pantheon Resources, the AIM-Listed oil and gas exploration company active in the Gulf of Mexico, issues this update on the drilling of the Jumonville #1 well (Bullseye Prospect) in Iberville Parish, Louisiana.

Jumonville #1 is currently drilling below 10,200 feet (“ft”) measured depth (“MD”). Intermediate casing is scheduled to be set at about 10,900ft total vertical depth (“TVD”) within the next few days.

The well was spudded on April 28 2008 and should take approximately 60 days from spud to reach its target depth of 14,200 feet (MD) on a trouble free basis.

Total gross best estimate potential reserves (previously described as "P50 potential reserves") for Bullseye are estimated to be 12.5 million barrels of oil and 33 billion cubic feet of natural gas. Golden Gate Petroleum, the operator, has built the location to permit accelerated development, if drilling proves successful.

Tags: Pantheon Resources