Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Pantheon prepares to drill
Drilling starts next Tuesday at Pantheon Resources' Plum Deep gas well in Texas with 293 billion cubic feet estimated potential.
Plum Deep is one of a clutch of gas leases at the Padre Islands off the South Texas coast, in which AIM-quoted Pantheon, headed by formidable ex-Merrill Lynch resources star Sue Graham, holds a 25 per cent stake. The company, which floated on AIM in April after raising £10 million at £1, says estimated resources at Plum Deep are between 161 and 293 billion cubic feet of gas and points out that three other Padre Island wells, at Wilson, Manzano and Murdok South, are to be drilled between now and early 2007.
The cost of drilling Plum Deep is put at nearly £6 million by the project operator, Aussie-quoted Golden Gate, headed by Mike Bell, formerly of BP and a one-time vice president of the Unical group. Aussie hopeful Novus Petroleum originally spotted the Padre Islands assets and Novus boss Bob Williams took them to another group, Lodore Resources, after Medco of Indonesia took over Novus and decided Texan projects were 'non core'.
Lodore was since taken over by IB Daiwa, whose backers included ex-Nomura star Simon Fry's Crosby Capital Partners. IB Daiwa now has 37.5 per cent of the Padre Islands wells, with Golden Gate holding another 37.5 per cent and Pantheon 25 per cent.
Favourably mentioned by Growth Company Investor at the time of its £1 placing in March, Pantheon shares are 9p up this morning at 129p and could have further to go.
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