Drilling Update-Padre Island

Pantheon Resources PLC
07 November 2006

                                    November 7,  2006

PANTHEON RESOURCES PLC

Drilling Update On Padre Island



  • The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1
    August 2006 (Texas, USA).

  • As at 07.30 Texas Time, 6 November 2006, the well was at a depth of 14,993
    feet ('ft') measured depth.

  • A moderate natural gas show has been recorded over an approximate interval
    of 25 feet. Readings on surface gas equipment recorded a maximum reading of
    295 units of gas against a background reading of 25 units. During drilling
    background gas has since increased to 85 units.

  • The Board of Pantheon Resources plc ('Pantheon') emphasises that the
    significance of this show remains to be determined. This will be evaluated
    by electric logs and, if warranted, by flow test. Electric logs will be run
    once the planned total depth of 16,400 feet is reached. This will also be
    the case in the event of any other natural gas shows being encountered
    during drilling

  • The planned total depth of the well is 16,400 ft (vertical depth 15,000
    ft).

  • The Plum Deep structure is considered to be a world class exploration
    prospect. Gross best estimate potential reserves (previously described as 
    'P50 potential reserves') have been assessed in a 161-293 billion cubic feet
    ('bcf') range.

  • Pantheon is paying 33.33% of the well costs to earn a 25% working interest.



In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),
Technical Director at Pantheon Resources Plc who has over 30 years relevant
experience within the sector.


Contacts:

Pantheon Resources Plc
Sue Graham, Chairman                                      [phone]

Oriel Securities Limited
Scott Richardson Brown                                    [phone]



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