Admission to AIM

Pantheon Resources PLC
05 April 2006



    Not for publication, distribution or release in the US, Canada, Japan or
                                   Australia


                             PANTHEON RESOURCES PLC
                         ('Pantheon' or 'the Company')


             Admission to the Alternative Investment Market ('AIM')


                              Pricing & Allocation


Pantheon Resources plc, today announces its proposed admission to AIM 
('Admission') and a successful Placing by Oriel Securities ('Placing').


Placing and Admission


• The Company has raised approximately £10.0 million through a placing
of 10,000,000 shares at 100 pence per share. Existing Shareholders have not sold
shares in the Placing.


• On Admission, the Company will have a market capitalisation of
approximately £15.5 million.



• Oriel Securities Limited, nominated adviser and broker to Pantheon,
and the Company have placed all of these shares with institutional and other
investors.



• The Company intends to use the £9.4m net proceeds from the Placing to
finance its initial business strategy which is to drill a minimum of four wells
in certain under-explored deep sections under and around Padre Island, Texas.



• The Directors also believe that Admission will help Pantheon attract
and retain high quality staff and raise the status and market profile of the
Company.



• Admission and commencement of dealings on AIM are expected to take
place on 5 April.



Background and strategy



• Pantheon Resources plc was formed in 2005 to be an independent UK
based oil and gas exploration company focused on hydrocarbon producing basins in
the Gulf of Mexico ('GoM') off the coast of the south of Texas. Specifically,
its initial focus is intended to be on the deep geological plays under and
around Padre Island.



• In building its exploration portfolio in this region, Pantheon intends
to participate initially in six exploration prospects (the 'Farmout Prospects').
This is pursuant to a Farmout Agreement with the lessees that currently own the
leasehold interests over approximately 10,715 hectares (the 'Padre Island
Project Area' or 'PI Project Area'). These Farmout Prospects are ready to drill
from a geological and geophysical perspective. Importantly, a drilling rig
contract has been secured for 12 months with options to extend. The Directors
believe that a number of the Farmout Prospects located under or around Padre
Island may contain commercial quantities of oil and gas. Abundant infrastructure
with surplus capacity is located nearby. The Directors believe that these
factors should allow new discoveries to come online quickly in the event of
successful drilling.



• Pantheon's strategy is to focus initially on hydrocarbon exploration
and production onshore or near shore in the GoM. Such areas offer lower drilling
and development costs than offshore while lead times to commercial production
are shorter. Being a small exploration company with limited capital, the board
of Pantheon believes these factors should enhance returns to investors and limit
future equity dilution in the event of successful exploration.



• The Directors believe that drilling success should provide Pantheon
with a strong foundation upon which to build a focused exploration and
production company. Pantheon intends to manage carefully its risk and enhance
the probability of success through holding small working interests ranging from
10-25 per cent. and partner with experienced operators in the GoM region. The
Directors believe that small working interests should also enable Pantheon to
spread its risk across more prospects, while managing the probability of success
through improving the statistical risk profile. The Board of Pantheon believes
that any drilling success should have a positive impact on the Company's
valuation as the current prospects to be drilled are large in relation to
Pantheon's size. Pantheon, at this early stage of its corporate development, has
no intention of being an operator. It intends to keep its corporate overhead
costs as low as possible by having very few full time staff. This should ensure
both that capital is injected directly into the PI Project Area and that
leverage to shareholders is maximised in the event of drilling success. The
efficient allocation of limited capital is of paramount concern to the board of
Pantheon.



Placing Statistics:


Placing Price                                                                                              100p

Number of Placing Shares to be issued                                                                10,000,000

Number of Ordinary Shares in issue immediately following Admission                                   15,552,329

Percentage of the Company's enlarged issued ordinary share capital being placed                           64.3%

Estimated net proceeds of the Placing (1)                                                                 £9.4m

Market capitalisation immediately following Admission at the Placing Price                               £15.5m

Note:

(1) Net proceeds are stated after the deduction of estimated expenses of
    approximately £0.6 million.



For further information, please contact:

Pantheon Resources plc                                         30 Farringdon St,
Sue Graham, Chairman                                           London, EC4A 4HJ.
Justin Hondris, Non-executive Director

Oriel Securities Limited                                       020 7710 7600
Scott Richardson Brown


Oriel Securities Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Pantheon Resources plc
and no-one else in the connection with the Placing and Admission and will not be
responsible to any person other than Pantheon Resources plc for providing the
protections afforded to clients of Oriel Securities Limited or for providing
advice in relation to the transactions and arrangements detailed in this
announcement. Oriel Securities Limited is not making any representation or
warranty, express or implied, as to the contents of this announcement.


                      This information is provided by RNS
            The company news service from the London Stock Exchange