Plum Deep Drilling Update

Pantheon Resources PLC
16 November 2006

                                                              November 16,  2006

PANTHEON RESOURCES PLC

Drilling Update On Padre Island



  • The Kindee ST 212 #1 well on the Plum Deep structure has reached its
    target depth of 16,392 ft (measured depth).

  • Electric logs are in the process of being run.  A testing program will be
    formulated following the evaluation of the electric logs.

  • The next well in the Padre Island Joint Venture will commence once the rig
    is released from the well.

  • 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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