Drilling Programme Update

Pantheon Resources PLC
15 August 2007

August 15, 2007

PANTHEON RESOURCES PLC

Active Drilling Programme Commences With Spudding of La Playa Deep Development
Well

  • Active drilling programme has commenced on Pantheon's portfolio. Scheduled
    to extend into first quarter 2008.
  • First well spudded on August 11, 2007. Development well on La Playa Deep
    discovery.
  • First of two development projects on Padre Island; La Playa Deep and
    Wilson.
  • Drilling on high-impact exploration ventures scheduled to commence late
    third quarter 2007 with testing of White Castle prospect on South Louisiana.
  • Testing of shallower zones on Plum Deep scheduled to commence by end
    August.
  • Expanded asset portfolio through series of strategic farm-ins with local
    partners
  • Created diverse portfolio with potential for major growth in reserves and
    production
  • Ventures are mix of moderate and low risk prospects.
  • Two prospects have significant oil reserve potential
  • Maintaining strategic focus on hydrocarbon exploration and production
    onshore/near shore Gulf of Mexico

Drilling Programme

The Board of Pantheon resources plc ('Pantheon') is pleased to announce the
commencement of an active drilling programme expected to continue into first
quarter 2008. The spudding of the La Playa Mid-Frio Unit #2 well ('La Playa Deep
#2') on August 11, 2007 instigated the programme. This is the first well on
Pantheon's two development projects; La Playa Deep and Wilson. A second
development/appraisal well on Wilson is planned following production testing on
the original discovery well. Separately, a testing programme on the shallower
zones encountered during the drilling of Plum Deep is scheduled to commence by
end-August 2007.

Drilling on Pantheon's high-impact exploration ventures is scheduled to commence
in late third quarter 2007 with the spudding of the first well on the South
Louisiana venture, White Castle. This is currently expected to be followed by
the drilling of the Bullseye prospect on the separate Bullseye venture also
located in Louisiana.

The following table provides a preliminary well schedule as currently indicated
by the operator for each venture.



Pantheon - Scheduled Drilling Programme
Venture              Prospect     Potential Gross     WI (%)    Scheduled Spud Date    Est. Dry Hole
                                  Reserves                                              Costs Net to
                                                                                       Pantheon (US$
                                                                                            mn)
Bullseye             Bullseye     18 mmboe          15.0% (1)   4Q 2007                     0.81
Padre Island     La Playa Deep #2                   7.50% (2)   August 11, 2007             0.54
                   development
                    Plum test                         25.0%     By end August
                 Wilson appraisal Up to 20 bcf +      31.77%    4Q 2007/1Q 2008             2.50
                   /development
South Louisiana    White Castle   35 mmboe           7.5% (3)   late 3Q 2007                0.50
Project Wharton      Zebu  #2     0.4-1.28 bcf        9.375%    4Q 2007/1Q 2008             0.02
                    Mohawk #2     0.5- 2.24           18.75%    1Q 2008                     0.05
Source: Operator

(1)     to casing point when farm-out company may elect for 25% back-in

(2)     Pantheon does not have an interest  in the original discovery well currently in production

(3)     carrying the farm-out companies for a 25% back-in after project payout

It should be emphasised that this programme remains preliminary. The wells are
still in the process of being finalised. It also assumes suitable rig
availability. In addition, in the event of success, drilling programmes may
alter. It should thus be regarded as a guide only. It should be noted that the
Project Wharton drilling schedule has also been included. This is a lower risk
venture for Pantheon.

Development Projects

La Playa Deep #2 is a development/appraisal well of the shallow La Playa Deep
discovery.  The operator is BNP, a private Texas-based company. La Playa Deep #2
 is scheduled to take 30 days to drill on a trouble-free basis and has a planned
total depth of 10,500 feet. A successful development well would be easily
connected to the sales grid as the well is being drilled from an existing site.

Drilling on the Wilson #2 development/appraisal well is scheduled to commence
once production data from Wilson #1 has been collected and analysed. According
to the Operator, Wilson #1 is still on track to come on-stream by end-August
2007. It is intended that a few months of production data will be collected
prior to the drilling of Wilson #2. This data will be used to assess the
reserves in the bottom zone of Wilson. At present, the Operator has indicated
that this first zone alone is capable of producing at a gross rate between 2.5
to 3.5 million cubic feet a day ('mmcfd'), once tied-into the sales grid. This
equates to a rate of 0.79 to 1.11 mmcfd net to Pantheon on a working interest
basis.



Exploration Prospects

The White Castle prospect is the first to be tested on Pantheon's South
Louisiana venture. This is scheduled to be a 15,000 feet test taking
approximately two months to drill. This structure has a potential for 35 mmboe
in the Oligocene section.

On the separate Bullseye venture, also located in Louisiana, an exploration well
is currently scheduled to commence in November 2007. It is estimated to take
approximately 30 days to reach total depth. The Bullseye prospect is testing two
targets with one well. These have combined gross best estimate potential
reserves (previously described as 'P50 potential reserves') of 12.5 million
barrels ('mmbo') of liquids and 33 billion cubic feet ('bcf') of natural gas.

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.

For further information on Pantheon Resources plc, see the website at
www.pantheonresources.com

Contacts:

Pantheon Resources Plc
Sue Graham, Chairman                             [phone]
Oriel Securities Limited
Scott Richardson Brown                           [phone]

Forward Looking Statements

This announcement contains forward looking statements that are subject to risk
factors associated with oil and gas businesses. It is believed that the
expectations reflected in these statements are reasonable but they may be
affected by a variety of variables and changes in underlying assumptions which
could cause actual results or trends to differ materially, including but not
limited to: price fluctuations, actual demand, currency fluctuations, drilling
and production results, reserve estimates, loss of market, industry competition,
environmental risks, physical risks, legislative, fiscal and regulatory
developments, economic and financial market conditions in various countries and
regions, political risks, project delay or advancement, approvals and cost
estimates.


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