Will be more emphasis on onshore drilling in US after Gulf of Mexico problem.
Melbourne, 08 June 2010 - Argo Exploration Ltd (Argo; ASX Code AXT) advises that it has received an update from Pantheon Resources plc (Pantheon; AIM Code PANR) estimating that Vision William Baggatt #1 (VWB#1) well is estimated to spud in July 2010. The full copy of Pantheons media release to London Stock exchange follows. The VWB#1 well is located in the productive, on-shore Brookeland Field in Tyler County, East Texas and is designed to test two separate and independent formations, including the Austin Chalk as the primary target. Either of these targets would justify drilling a well on its own merits. The ability therefore to test both with a single well at a modest incremental cost is compelling both from a geological and economic standpoint. Pantheon has a 25% working interest in the Tyler County Joint Venture operated by Vision Resources LLC. Argo became Pantheons largest shareholder by acquiring ~7% of the Companys securities in a placement during December 2009.
AXT Price at posting:
3.7¢ Sentiment: ST Buy Disclosure: Held
