Plum Deep Drilling Update

Pantheon Resources PLC
11 October 2006



October 11, 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 08:00 Texas Time, 10 October 2006, the well was at a depth of
    11,359 feet ('ft') measured depth and drilling ahead.

   •Drilling operations to the planned total depth of 16,400 ft (vertical
    depth 15,000 ft) are expected to take approximately three weeks..

   •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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