Addition to portfolio

Pantheon Resources PLC
21 May 2007

May 21, 2007

PANTHEON RESOURCES PLC

New Venture Added to Pantheon's Portfolio in Gulf Coast Region

  • Pantheon expands activities in the U.S. Gulf Coast region

  • Entering Louisiana through farm-in to an oil and natural gas venture over
    Nottoway Dome

  • The project adds another high impact project to the portfolio.

  • It also has lower risk potential at Point Clair.

  • Operator of venture, Petro-Hunt, is highly experienced in region.

  • Two prospects are scheduled to be drilled, with first drilling expected to
    commence late-summer 2007

  • Gross potential reserves for venture are estimated at 45 to 50 million boe

  • This new project is consistent with Pantheon's stated strategy to focus on
    hydrocarbon exploration onshore or near shore in the GoM

Details of Farm-in

The Board of Pantheon Resources plc ('Pantheon') announces that it has farmed-
into an oil and natural gas exploration venture in Iberville Parish, Louisiana,
south of Baton Rouge. This venture is operated by Petro-Hunt LLC  ('Petro-Hunt')
based in Dallas. PetroHunt has also farmed into this project with a 60% working
interest ('WI').

Farm-in covers two prospects; Nottway Dome and Point Clair. These have combined
gross best estimate potential reserves (previously described as 'P50 potential
reserves') of 45 to 50 million barrels of oil equivalent ('mmboe'). The project
combines low risk prospects at Point Clair with high impact moderate risk
targets at Nottway Dome.

Pantheon is participating with a 7.5% working interest ('WI'), carrying the
farm-out companies for a 25% back-in after project payout ('BIAPPO'). All costs
will be recovered by Pantheon prior to back-in by the farm-out partners and no
revenues will be received by these companies until Pantheon attains payout. In
the event of Pantheon electing to drill a second or subsequent well, the same
terms apply. If such drilling occurs prior to payout then costs would accrue and
the back-in deferred until all costs are recovered.

There is a four well commitment on this project. However, Pantheon would be able
to withdraw from the project at any time without penalty. In the event of a
success with the first well and subsequent withdrawal from the project, i.e.
without drilling the second well of the commitment, then Pantheon would have
earned the acreage. This four well programme would combine higher reward
prospects with low risk smaller prospects.

Prospects

The first well to be drilled is scheduled to be a 15,000 feet test of Nottway
Dome, a salt dome feature. This was identified by a new 3D seismic survey shot
in 2005. The anticipated spud date is expected to be in approximately 90 days,
taking two months to drill. This structure has a potential for 35 mmboe in the
Oligocene section.

Nottway Dome is located four miles east of the White Castle Dome field which has
produced 95 mmbo and 125 bcf of natural gas. Although White Castle was
discovered in 1929, there has been deeper exploration activity in 2006. One well
was completed in an Oligocene section at 14,440 feet. It is flowing at 900 bopd
and 2.5 mmcfd.

Nottway is located one mile west of the Laurel Ridge field. Laurel Ridge is
another salt feature discovered in 1944. In 2006, two new discoveries were made
in the Micocene and Oligocene. Similar zones are expected to be present in the
untested Nottway Dome.

The Point Clair project is a Miocene development play. This was also identified
as a result of the 2005 Nottway Dome 3D seismic survey. The targets lie within
the existing unitized portion of the Docyville and Laurel Ridge fields. As such
they may be considered low risk in multiple targets. There is the potential for
3.6 mmbo and 5.75 bcf natural gas in shallow, low risk close to PUD Miocene
targets. There is also another 4 mmbo and 3 bcf natural gas potential from
deeper Oligocene targets.

The cost of the first well is being finalised. However, it is estimated that the
total expected total dry hole cost outlay is around US$500,000 and the
successful completed total cost outlay is around US$700,000. Pantheon is paying
back-costs of just under US$0.45 million.

Pantheon's Chairman, Sue Graham said 'With the announcement of the Nottway Dome/
Point Clair venture, Pantheon is demonstrating its commitment to build a company
focussed on the Gulf of Mexico region. The addition of Nottway Dome/Point has a
double benefit to the Company. First, it adds another high impact project to
Pantheon's portfolio. Secondly, the new venture provides lower risk targets with
Point Clair.

Pantheon continues to analyse further opportunities with the view to enhancing
shareholder value and returns. These are in line with its stated strategy and in
conjunction with established operators. Pantheon continues to seek to spread its
risk and enhance the probability of success through holding small working
interests (10-25%) across its exploration portfolio.

Pantheon also re-iterates its intention of keeping its corporate overhead costs
as low as possible by having very few full time staff at this early stage in its
corporate development. It is the Company's intention to increase its management
and staffing levels as the Company evolves'

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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