U.K. E&P outfit Pantheon Resources has bought its way onto acreage on the fringe of the U.S. Gulf of Mexico by farming into Petro Hunt’s Iberville Parish venture in Louisiana.

Up to 50 million barrels of oil equivalent are targetted in two prospect south of Baton Rouge. Regional explorer Petro Hunt has also farmed into the prospects, called Nottway Dome and Point Clair.

Pantheon picks up a severn percent working interest but must let the farm-out companies back into the project with a “25-percent back-in payout”.

“If (Pantheon drills a second well) prior to payout then costs would accrue and the back-in deferred until all costs are recovered,” a statement said of Pentheon’s farm-in terms.

Four wells are planned at Iberville, the first being a 15,000-footer in the Nottway salt dome, four miles east of the White Castle Dome field where 95 MMboe and 125 billion cubic feet of natural gas have been produced. White Castle was discovered in 1929, but deeper exploration activity in 2006 in an Oligocene section has flowed 900 bopd and 2.5 mmcfd.