Padre Island Testing Update

Pantheon Resources PLC
21 December 2006



December 21, 2006

PANTHEON RESOURCES PLC

Padre Island Testing Update


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

  • The preliminary results of the first stage of the testing programme have
    now been received

  • The first conventional core in the sidetrack well has been successfully
    retrieved and is under analysis. Initial results from the first drillstem
    test ('DST') are also available. The DST was conducted in the shallowest of
    three potential zones within the open hole.

  • Preliminary interpretation confirms the presence of a tight reservoir
    formation. Fluid recovery was primarily of drilling fluid, with some
    formation water and traces of natural gas. No natural gas flowed to surface.
    Pressures were in line with pre-test estimates.

  • Initial interpretation of the core shows the interval primarily to be
    inter-bedded silty sandstone and siltstone, with thin beds of sand and
    shale. Preliminary determination of porosity and permeability show this zone
    to be primarily water wet, and unlikely to contain commercially recoverable
    hydrocarbons.

  • Drilling to the next planned core point is now underway. This will
    initiate the collection of a second and final core. This second core will be
    taken in the deepest zone which spans over 800 gross feet. Once this is
    collected, drilling will proceed to a TD of 15,450 feet measured depth. At
    this stage a comprehensive logging and sampling programme will be
    undertaken.

  • The results of the core analysis and the logging programme in the deeper
    zone in this sidetrack should determine whether this deeper zone is
    commercial or not.

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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