Drilling Update

Pantheon Resources PLC
20 November 2006

                                                           November 20, 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) and reached its target depth of 16,392 ft (measured
    depth) on 15 November 2006.

  • The running of electric logs has been delayed due to obstructions in the
    well bore that are preventing the insertion of the electric logging tools.
    The well has been re-entered with a drilling bit in order to clear the
    obstructions and to allow electric logging to proceed. This might take
    several days depending on the nature and number of obstructions. The Company
    will advise the market when electric logs have been successfully obtained.

  • Once obtained, the logs will be interpreted and used to identify and
    evaluate any potential hydrocarbon zones within the well, including the zone
    of approximately 25 feet over which the moderate gas show previously
    reported was recorded.

  • Once the interpretation of the electric logs is available and any zones
    suitable for flow testing have been identified the Joint Venture will decide
    on a suitable testing programme.

  • 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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