Placing of 1.5m shares

Pantheon Resources PLC
21 November 2007


Press release                                                   21 November 2007
                             Pantheon Resources plc

                             Placing of 1.5m shares


Pantheon Resources plc (the 'Company'), the AIM-listed oil and gas exploration
company active in the Gulf of Mexico, is pleased to announce that it has raised
£900,000 by way of a placing of 1,500,000 ordinary fully paid up shares (the '
Placing Shares') in the Company at a price of 60p per share with institutional
investors (the 'Placing').

The Company has taken advantage of its current authority to allot 1,500,000 new
shares which was granted at the last AGM on 9th February, 2007. The Placing was
oversubscribed.

The proceeds of the Placing will provide Pantheon with additional funding to
help finance the drilling programmes in South Louisiana and Texas, as well as
for the provision of general working capital.

In South Lousiana, Pantheon is presently drilling the Fay Weil Ross et al #1
well to test the salt feature at the Nottoway Prospect. The Company is also in
discussions to begin drilling the Bullseye and the Point Clair prospects in
Louisiana, which it currently anticipates drilling in 1Q 2008. In addition, the
Company anticipates it will drill at least one appraisal/development well in 1H
2008 in Texas.

Application has been made to the London Stock Exchange for all of the Placing
Shares to be admitted to trading on AIM. It is expected that Admission will
become effective and dealings will commence on 22 November 2007.


Search for a New Chief Executive Officer ('CEO')

The directors are pleased to report that a search for a potential CEO is
currently underway. The Company is delighted with the response which has
identified several high calibre candidates to date, and detailed discussions are
currently occurring in relation to this matter.



With six producing wells from a total of nine wells drilled since the Company's
formation and heading into a period of further drilling, the Company believes it
an ideal time to make such an appointment.


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

- end -


Further information:

Pantheon Resources PLC
 Sue Graham, Chairman                                           [phone]

Oriel Securities Limited
 Scott Richardson Brown                                         [phone]

Media enquiries:

Capital MS&L
 Steffan Williams / Peter Curtain / Jennifer Martin             [phone]
 [e-mail]




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