AGM Statement

Pantheon Resources PLC
25 January 2008

                    Pantheon Resources plc - AGM Statements



Pantheon Resources, the AIM-listed oil and gas exploration company active in the
Gulf of Mexico, held its AGM today. The following statement was made by the
non-executive Chairman, Sue Graham

'In the period since the last Annual General Meeting the Company has evolved
significantly and positively. The past 12 months have put the company on an
improved footing, despite a non-commercial well in the deeper sections of Plum
Deep on Padre Island.

A nine well drilling programme since the IPO has yielded six discoveries. Three
of these were made since the last AGM, including the two most significant;
Wilson and Dunn Deep #2. These two were brought on-stream within the last six
months. This has led to Pantheon's net production on a working interest ('WI')
basis rising sharply from around 80 thousand cubic feet a day ('mcfd') at end
June to over one million cubic feet a day ('mmcfd') at year end.  Production for
the October to December 2007 period averaged 1,091 mmcfd. In future, production
figures will be released on a quarterly basis in line with industry practice and
will be published on the website.

Pantheon faces an active and exciting drilling programme over the next six to
twelve months. The company is currently drilling a high-impact oil and gas
prospect in South Louisiana on the Nottoway Prospect. Pantheon also has a
further two high impact prospects at Bullseye and Point Clair, both located in
South Louisiana. In 2008 these three wells will test a P-50 reserve potential of
around 5 million barrels of oil equivalent ('mmboe') on a WI basis.  In view of
these and other opportunities, Pantheon has decided against participating in the
drilling of the Manzano prospect. Review of the overall commercial terms and the
known increase in risk profile compared with these other opportunities are the
key factors behind this decision.

Financially, since the financial year-end Pantheon has raised £900,000 by way of
a placing of 1.5 million shares. The proceeds from this placing, together with
revenues from the company's production, should provide Pantheon with the funds
to carry the company through its drilling commitments.

Pantheon has not escaped from the trends besetting the oil and gas industry over
this past year. General industry costs have risen, wells have been delayed due
to a tight rig market and the general workforce has suffered from inexperience
leading to hold-ups and setbacks.

For Pantheon, for example, both the drilling and analysis of the Plum Deep
prospect proved costly. A significant part of the doubling of costs resulted
from the need to core the deeper section to determine commerciality. The well
may have pay in the shallower section. Unfortunately, the testing of this
section has been continually deferred by the operator due to drilling
commitments on other wells.

Pantheon is obviously disappointed by the slow progress of the drilling of the
Fay Weil Ross #1 well on the Nottoway prospect. Petro-Hunt LLC, the operator has
a programme to sidetrack and drill to total depth. Pantheon remains optimistic
and committed to this project and the follow up well on a different lower risk
prospect, Point Clair.

Pantheon entered 2008 with the hiring of a CEO, Jay Cheatham. Jay brings over 30
years experience in the oil and gas industry to Pantheon. A native of North
Louisiana, Jay grew up in an oil and gas family both in Louisiana and also in
Texas. Jay enjoyed a successful career at Arco, culminating as President of Arco
International, the division responsible for all Arco activity outside North
America. Prior to joining Arco International, Jay was responsible for all Arco's
exploration and production activities in the Gulf Coast region of the US. His
capabilities in all aspects of the oil and gas business are especially relevant
for a company such as Pantheon and the board believes that the company is
fortunate in securing his services.

With such an experienced industry individual in place, I expect that Jay will be
active in determining and implementing his strategic plan over the coming
months.

On a sad note personally Bob Rosenthal, Pantheon's Technical Director, has
informed me of his intention to stand-down from the board due to the pressure of
his commitments. Bob was a key figure in founding Pantheon and the company has
benefited from his experience and advice since its formation. Fortunately
Pantheon will not be losing Bob's abilities totally as he has agreed to continue
to be involved as a consultant to the company.

The Board is excited about Pantheon's prospects for growth based on its current
drilling programme, prospect inventory, and management'

Jay Cheatham, Pantheon's CEO made the following additional comments

'I am excited to return to the industry with Pantheon. It's the same business
whether a super-major or small oil company, only the zeros are different. Good
exploration prospects and reservoirs along with good management and judgement
lead to wealth creation. There's no business with the leverage and excitement of
this one.

I know as shareholders you all want Pantheon to drill the wells as predicted.
This just isn't possible in an industry where so many things can go wrong. The
tight rig market also adds a complexity to well timing. For instance once we had
drilled Plum Deep which took longer than planned, all the wells scheduled for
that particular rig were delayed by that same time.

Pantheon has several high impact prospects in the portfolio. However, I didn't
join to run a company with a £10mln or even £20mln market capitalisation. The
Board and I are already developing a plan to grow significantly the company. I
look forward to sharing that plan with you at the appropriate time. In order
more actively to manage that plan and Pantheon's assets and growth I will move
to the U.S. this summer.'



For further information on Pantheon Resources plc, see the website at
www.pantheonresources.com



- end -



Further information:



Pantheon Resources PLC
Jay Cheatham CEO                                            [phone]



Oriel Securities Limited
Scott Richardson Brown                                      [phone]




Notes to editors:



Pantheon Resources plc

Pantheon Resources plc was formed in 2005 to be an independent gas exploration
company focused on hydrocarbon producing basins onshore or near shore the Gulf
of Mexico.  On 5 April 2006, Pantheon was admitted to the AIM, having
successfully raised £10m from a mix of quality institutional and private
investors.




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