Interim Results

Pantheon Resources PLC
31 March 2008

                                 31 March 2008

                             Pantheon Resources PLC

            Interim Results for the 6 months ended 31 December 2007

Pantheon Resources, the AIM-listed oil and gas exploration company active in the
Gulf of Mexico, is delighted to announce its interim results for the period
ended 31 December 2007.

CEO, Jay Cheatham commented:

'The last six months of 2007 were exciting times for Pantheon Resources plc ('
Pantheon').  Pantheon participated in three discoveries with the two most
significant being Wilson and Dunn Deep #2 both coming on stream during the
period.  As a result, Pantheon's gross working interest ('WI') production rose
from 80 thousand cubic feet a day ('mcfd') in the April to June quarter 2007 to
1,100 mcfd average in the October to December quarter 2007.  Production in
January and February averaged 995 thousand cubic feet a day.  In addition,
Pantheon raised £900,000 through a placing of 1.5 million shares with
institutional investors.  These proceeds, along with cash flow from production,
provided additional working capital to contribute towards Pantheon's current
South Louisiana drilling Programme.

With production and revenue imminent, the Board of Directors strengthened the
Board   with the appointment of John Walmsley as a non-Executive Director, and
commenced a formal executive search for a CEO.  John brings over 30 years
experience in the UK oil and gas sector to his duties as a Board member.  In
January 2008, I joined the Company as CEO.  I started my career as an engineer
with Arco in 1969, however my oil and gas experience started from a very early
age, as both my father and grand-father were independent oil and gas explorers
and producers in Louisiana and Texas.  I ended my Arco career as President of
Arco International Oil & Gas after several years running the Gulf Coast
exploration and production operations.

Since I joined the company, Pantheon Resources has had a major disappointment.
On February 21 Petro-Hunt LLC ('Petro-Hunt') abandoned the Fay Weil Ross et al #
1 well on the Nottoway prospect. This was due to mechanical difficulties after
the drill pipe stuck twice before reaching the final objectives. Petro Hunt will
conduct a review of this well before making further recommendations.

Petro-Hunt has now spudded the State Lease 19255 et al #1 well (the Point Clair
prospect) which was part of the original Nottoway Dome farm-in. Point Clair has
a best estimate reserve potential of nine million barrels oil equivalent ('mmboe
').  The last drilling report had this well drilling below 11,100 feet.
Petro-Hunt should reach total depth in early April on a trouble-free basis.
Pantheon has a 7.5% WI BPPO ('before project payout') carrying the farmee
company for 25% (pro-rata share) until project payout. Pantheon's next high
impact well, Bullseye (Pantheon 15% WI), should spud in April.  Bullseye will
test two zones with a combined best estimate potential reserve of 19 mmboe.

Since the start of 2008, Pantheon also elected not to participate in the Manzano
Deep project on Padre Island. This was due to an increase in the risk profile
and commercial terms compared with other opportunities.

On the personnel front Bob Rosenthal decide to stand down as a Board member and
technical director. To bolster our technical expertise Pantheon has hired
Ledgerock Energy Consulting to provide geologic and geophysical consulting to
the company. Dr Ed Duncan is President and Technical Director of Ledgerock. Ed
brings 30 years experience in the industry most recently as Vice President
Exploration for Swift Energy Company.

In closing I want to assure shareholders that your Board is working hard to
enhance shareholder value in these volatile market times. We are currently
reviewing several high impact opportunities that, if successful, have the
opportunity to move Pantheon Resources to another level.'



In accordance with the AIM Rules, the information in this report has been 
reviewed and signed off Jay Cheatham, who has over 30 years relevant experience 
within the sector.


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.

Review of Operations

Padre Island

Dunn Deep #2 (Pantheon WI 7.5%)

Production commenced on September 17, 2007.  This occurred less than two weeks
from confirmation of a natural gas find.  Initial gross production from the
field was 3 million standard cubic feet of gas per day and 60 barrels a day of
condensate, equating to approximately 560 barrels of oil equivalent per day.

Although located on Padre Island, Dunn Deep is separate from the Padre Island
Joint Venture. It should also be recognised that Dunn Deep is an appraisal/
development of La Playa Mid-Frio Unit #1 ('La Playa Deep'). However Pantheon
does not have an interest in La Playa Deep #1. The operator is BNP, a private
Texas-based company.

Wilson (Pantheon WI 31.77%)

Wilson was declared commercial on June 18, 2007.  Production commenced on
September 10, 2007.  Initial production from the field was 2.5 million standard
cubic feet of gas per day , equating to approximately 450 barrels of oil
equivalent per day.

Testing of two remaining zones was not completed adequately. This was a result
of poor well conditions.  The Wilson partners decided that it was better to
complete the well for commercial production in the bottom zone rather than
persist with testing operations in poor well bore conditions. This strategy had
the benefit of avoiding problems further up the well bore. The strong prevailing
US gas prices also represented a major incentive to bring the lower Wilson zone
into production as soon as possible.  Potential reserves in the other zones will
be evaluated further in a subsequent appraisal/development well to be drilled
following extended production.

Project Wharton

The Project Wharton wells generally continue to produce at or above
expectations.

Baptist ( Pantheon WI 11.25%)

Baptist #1 encountered natural gas in April 2007 in both its primary and
secondary objectives. The Baptist #1 well was drilled to test a large Frio
seismic amplitude anomaly revealed by the Shell East Graceland 3D (vintage
1996). It was brought on stream on June 19, 2007.

Caddo (Pantheon 18.75%)

Caddo #1 encountered natural gas in a shallow Frio formation (4,470 feet) in
October 2006. It was brought on stream on February 8, 2007. The Caddo #1
discovery is located in an area of mutual interest that covers a large area
where six other prospects exist. These target comparable Yegua and Frio
anomalies, but Miocene objectives are also present in all of them. The Caddo
well was abandoned when production levels dropped and the well became uneconomic
to produce.

Mohawk (Pantheon 18.75%)

Mohawk #1 was  a  discovery in October 2006 and brought onstream on December 1,
2006. Mohawk #1 encountered natural gas in both its primary and secondary Frio
objectives.

Zebu (Pantheon 9.375%)

Zebu #1 was a discovery in August 2006 and commenced production on September 29,
2006. Zebu discovered natural gas in two Frio sands. It produced from the deeper
secondary zone at around 4,280 feet until December 2007 when this lower zone was
depleted.  At that time Zebu was recompleted in the main objective at 3,750
feet.

Nottoway (Pantheon 7.5% WI BPPO)

The Fay Weil Ross et al #1 well commenced drilling in Iberville Parish,
Louisiana in October 2007.  The  well was scheduled as a 15,498 feet test of the
Nottoway Prospect, a geological feature unknown until a new 3D seismic survey
was shot in late 2005. The operator is Petro-Hunt, L.L.C. ('Petro-Hunt').

The Nottoway Prospect is located between two existing oil and gas fields, White
Castle Dome and Laurel Ridge. Deeper exploration was undertaken on both fields
in 2006. New discoveries were made in both White Castle Dome and Laurel Ridge
Field in the deeper Oligocene section in 2006. Similar zones are objectives in
the Nottoway Prospect.

The well was drilling at 13,894 feet measured depth.  Very high pressure was
encountered at one of the deeper objectives. While trying to control the well,
the drill pipe became stuck in the hole. After consultation, Petro -Hunt LLC,
the Operator, elected to come back up the hole, set a cement plug, sidetrack the
well and drill to the original objectives.  While re-drilling in the sidetrack,
the drill pipe became stuck again and Petro-Hunt decided to abandon the well.
The well was abandoned for mechanical purposes only.

Pantheon is participating with a 7.5% working interest ('WI'), carrying the
farm-out companies for a 25% back-in after project payout ('BIAPPO'). All costs
will be recovered by Pantheon prior to back-in by the farm-out partners and no
revenues will be received by these companies until Pantheon attains payout.


CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2007


                                                            6 months ended 31 6 months ended 31 Year ended
                                                            December 2007     December 2006     30 June 2007
                                                            (unaudited)       (unaudited)       (audited)
                                                            £                 £                 £

Turnover                                                    171,640           6,823             23,693
Cost of sales:
Production costs                                            (18,851)          -                 (877)
Depreciation, depletion and amortisation                    (370,302)         -                 -
Total cost of sales                                         (389,153)         6,823             (877)

Gross (loss)/profit                                         (217,513)         6,823             22,816

Administrative expenses:
Share based payments                                        (50,700)                            (487,540)
Impairment of intangible assets                             (341,860)         (3,260,859)       (4,438,420)
Other                                                       (262,823)         (444,240)         (427,679)
Total administrative expenses                               (655,383)         (3,705,099)       (5,353,639)

Operating loss                                              (872,896)         (3,698,276)       (5,330,823)

Finance revenue                                             12,841            149,833           235,789

Loss before taxation                                        (860,055)         (3,548,443)       (5,095,034)

Taxation                                                    -                 -                 -

Loss for the period                                         (860,055)         (3,548,443)       (5,095,034)

Loss per ordinary share - basic and diluted     (note 2)    (5.41)p           (22.82)p          (32.76)p



All of the above amounts are in respect of continuing operations.



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2007

                          Share        Share         Retained        Currency      Equity       Total
                          capital      premium       earnings        reserve       reserve
                          £            £             £               £             £            £
Group
At 30 June 2007           155,524      9,698,748     (5,434,548)     (234,275)     649,053      4,834,502
Net loss for the period                -             (860,055)       -             -            (860,055)
Foreign currency          -            -             -               44,894        -            44,894
Share based payment                                  -               -             50,700       50,700
Proceeds from issue of    15,000       885,000       -               -             -            900,000
shares (note 5)
Share issue costs                      (61,313)      -               -             -            (61,313)
At 31 December 2007       170,524      10,522,435    (6,294,603)     (189,381)     699,753      4,908,728



CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2007


                                                               31 December     31 December 2006  30 June
                                                               2007                              2007
                                                               (unaudited)     (unaudited)       (audited)
                                                               £               £                 £
Fixed assets
Intangible fixed assets (note 3)                               811,190         911,074           3,792,161
Tangible fixed assets (note 4)                                 3,606,247       2,077             249,566
                                                               4,417,437       913,151           4,041,727

Current assets
Trade and other receivables                                    164,356         125,253           69,049
Cash and cash equivalents                                      753,969         5,348,887         1,447,432
                                                               918,325         5,474,140         1,516,481
Creditors: amounts falling due within one year                 427,034         259,463           723,706
Net current assets                                             491,291         5,214,677         792,775

Total assets less liabilities                                  4,908,728       6,127,828         4,834,502


Capital and reserves
Called up share capital                                        170,524         155,524           155,524
Share premium account                                          10,522,435      9,698,748         9,698,748
Retained losses                                                (6,294,603)     (3,887,957)       (5,434,548)
Currency reserve                                               (189,381)       161,513           (234,275)
Equity reserve                                                 699,753         -                 649,053

Shareholders' funds                                            4,908,728       6,127,828         4,834,502


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2007




                                                               6 months ended  6 months ended 31 Year ended
                                                               31 December     December 2006     30 June
                                                               2007                              2007
                                                               (unaudited)     (unaudited)       (audited)
                                                               £               £                 £
Net cash (outflow)/ inflow from operating activities           (501,667)       (854,302)         (279,631)

Cash flows from investing activities
Interest received                                              12,841          149,833           235,789
Expenditure on tangible fixed assets                           (499)           (2,769)           (2,769)
Net funds used for other capital expenditure                   (1,059,989)     (2,353,574)       (6,536,068)
Net cash inflow from investing activities                      (1,047,647)     (2,206,510)       (6,303,048)

Cash flows from financing activities
Proceeds from issue of shares                                  900,000         -                 -
Issue costs                                                    (61,313)        -                 -
Net cash inflow from financing activities                      838,687         -                 -

Net decrease in cash and cash equivalents                      (710,627)       (3,060,812)       (6,582,679)

Effect of foreign currency translation reserve                 17,164          -                 (379,588)

Cash and cash equivalents at the beginning of the period       1,447,432       8,409,699         8,409,699

Cash and cash equivalents at the end of the period             753,969         5,348,887         1,447,432


RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

                                                               6 months ended  6 months ended 31 Year ended
                                                               31 December     December 2006     30 June
                                                               2007                              2007
                                                               (unaudited)     (unaudited)       (audited)
                                                               £               £                 £
Operating loss                                                 (872,896)       (3,698,276)       (5,330,823)
Impairment                                                     341,860         3,264,552         4,438,420
Depreciation                                                   370,648         692               22,027
Cost of issuing share options                                  50,700          -                 487,540
Decrease/(increase) in trade and other receivables             (95,307)        (15,348)          40,858
Increase/(decrease) in creditors                               (296,672)       (405,922)         62,347

                                                               (501,667)       (854,302)         (279,631)





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