Pantheon Resources provides drilling update on the company's onshore Gulf of Mexico property, Jumonville.

The Company advises that the Jumonville #2 well is currently at 14,100 feet and has reached total depth. Electric logging is currently under way over the Cib Haz Formation, the last of the objective intervals. Mudlogs over the Cib Haz did not record any hydrocarbon shows similar to the three other objective intervals.

Once electric logging is complete and evaluated, a decision will be made to complete the Jumonville #2 for production through one of the hydrocarbon bearing zones which at this stage looks like being the Miogyp Formation.

The Jumonville #2 well encountered approximately 20 feet of Miogyp sand formation which is believed to be oil bearing and is confirmed as being up dip from the current oil production from the Miogyp interval in the Jumonville #1 well located some 1,000 feet away. The results to date are consistent with Jumonville #1 and importantly confirm the distribution of this reservoir across the oil and gas field. Sidewall cores have been taken and are presently being evaluated.

Tags: Pantheon Resources