Spudding of Plum Deep

Pantheon Resources PLC
02 August 2006

PANTHEON RESOURCES PLC

First Well Spuds on Padre Island targeting Large Plum Deep Structure

  • Pantheon's first well commenced drilling on August 1 at Padre Island

  • Projected to take 65 days to drill on trouble-free basis

  • Targeting the large Plum Deep structure with best estimate reserves  in a
    161-293 bcf range

  • Initiates exciting 18 month exploration programme for Pantheon on Padre
    Island with at least four wells scheduled to be drilled

  • Three are considered to be high impact with potential for major reserve
    additions and early cash flow to Pantheon

The Board of Pantheon Resources plc ('Pantheon') announces that it has been
informed by the operator, Golden Gate Petroleum ('Golden Gate'), that the Kindee
ST 212 #1 well spudded on August 1 2006 at 20.30 hours Texas time. Proposed
total vertical depth of the Kindee ST 212 #1 well is about 15,000 feet. The well
should reach total depth in 65 days on a trouble free basis.

Located on Padre Island, this well is targeting the large Plum Deep structure.
Gross best estimate potential reserves (previously described as 'P50 potential
reserves') have been assessed in a 161-293 billion cubic feet ('bcf') range.

This well initiates an active drilling programme on the Padre Island Joint
Venture ('PIJV'). Pantheon expects to be involved in the drilling of at least
four exploration wells over an 18 month period (see table 1). The exact timing
and order of the drilling programme remain dependent on the receipt of final
location approvals from the relevant authorities.

Table 1: Pantheon Resources - Projected Drilling Programme

Prospect/Well     Target/Type          Gross P50   Est. Start   Pantheon     Golden     IB Daiwa  BNP
                                       Reserves       Date      Resources    Gate
                                        (bcf)**
Plum Deep*        Deep/exploration      161-293   1 August 2006     25%        37.5%      37.5%     -

Wilson*           Shallow/exploration    5-10       September       25%        37.5%      37.5%     -
                                                      2006
Manzano*          Deep/exploration      178-337   October 2006      25%        37.5%      37.5%     -

Murdock South*    Deep/exploration      94-232      First qtr       25%        37.5%      37.5%     -
                                                      2007
Lemonseed*        Deep/exploration      87-123     Second qtr       25%        22.5%      22.5%    30%
                                                      2007
Kingsway*         Deep/exploration       16-20     Second half      25%        37.5%      37.5%     -
                                                      2007

*Operated by Golden Gate

**This range is based on various studies conducted on the acreage including
Golden Gate and Pantheon's Independent Technical Adviser



Plum Deep is expected to be the first of at least three exploration wells
targeted at the deep section over the next 18 months. Extensive evaluation has
confirmed six mature high quality exploration targets of which Plum Deep,
Manzano and Murdock have been identified as the three largest prospects. Each of
the latter offers the potential for significant additional reserves and early
cash flow to Pantheon.

The fourth prospect to be drilled in which Pantheon has an interest is Wilson,
which is small and in a shallower horizon, see table 1. Although small, Wilson
represents an attractive target as, in the event of successful drilling, a well
may be put on production quickly. This is due to the under-utilised
infrastructure that exists on Padre Island.

These prospects are all covered by 3D seismic. In the view of the Board of
Pantheon, the deep JV of the PI Project Area is a moderate risk (POS 15% to
36%), high reward exploration venture. It offers the potential, if successful,
of major value accretion to the Company and its shareholders.

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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