Wilson Drilling Update

Pantheon Resources PLC
15 March 2007

March 15, 2007

PANTHEON RESOURCES PLC

Drilling Update on Wilson Prospect, Padre Island



  • The Kindee ST 212 #1 well on the Wilson Structure was spudded on 7
    February 2007 (Texas, USA).

  • Currently 9 5/8 inch casing is being run to 8,720 feet (measured
    depth). The planned total depth of the well is 12,400 feet (measured depth).

  • During drilling a 'kick' was taken and natural gas flowed to surface.
    Standard well control procedures were taken. The well was shut in and the
    drilling fluid (mud) weight increased before continuing to drill through the
    prospective natural gas zone.

  • Subsequently a water influx caused the mud properties to deteriorate. This
    resulted in the drill string becoming stuck in the bottom of the well. The
    decision was made to stabilize the well by running 9 5/8' casing.

  • After the casing is run the well will be deviated. The prospective natural
    gas zone will be re-drilled and evaluated with electric logs. The electric
    logs will enable the identification of any gas/water contact and thereby the
    thickness and quality of the natural gas zone.

  • This zone is the first of three objectives in the well and the results to
    date are very encouraging.

  • The Board of Pantheon emphasises, however, that the final outcome remains
    dependent on the results of further drilling/logging.

  • Wilson is the second in a multi-well programme. It is targeting a shallow
    prospect in the Upper Frio system. Similar prospects have been found to be
    productive elsewhere on Padre Island.

  • Gross best estimate potential reserves (previously described as 'P50
    potential reserves') for Wilson have been assessed at 9 billion cubic feet.

  • Pantheon's working interest in Wilson is 31.77%, subject to final
    documentation.

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
Oriel Securities Limited
Scott Richardson Brown                                    [phone]




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