Drilling Report

Pantheon Resources PLC
09 January 2007


January 9, 2007

PANTHEON RESOURCES PLC

Kant #1 Well Non-commercial

The Board of Pantheon Resources plc ('Pantheon') announces that it has been
informed by the operator, Everest Resource Company ('Everest'), that the Kant #1
well reached a total depth ('TD) of 4,750 feet on January 6, 2007. A full suite
of electric logs was run.  The results of the log interpretation indicated the
presence of hydrocarbons in the primary objective. However the well was deemed
non-commercial due to low natural gas saturation and thin reservoir sands. A
decision was to plug and abandon ('P&A') the well as non-commercial.

Pantheon plans to drill another exploration well, Baptist, in first quarter
2007. A further three wells in and around the company's discoveries are
currently scheduled for 2007. As these are not subject to the farm-in terms,
they would have a higher value to Pantheon, if successful.

Since its initial farm-into three projects in June 2006, Pantheon has farmed
into three more prospects and drilled four wells on Project Wharton. Pantheon is
now producing from two natural gas fields, Zebu and Mohawk. A third, Caddo, is
scheduled to be commissioned shortly.  When combined together, these fields will
make up an attractive and growing income stream for the company. This increasing
natural gas production occurs at a time of improved US natural gas prices. It
represents an important income stream for a small company such as Pantheon with
attractive near term financial returns.

The current interests and status of all prospects in which Pantheon has an
interest are shown in table 1

Table 1: Project Wharton and Pantheon's Interests

Prospect                          Pantheon Working Interest       Status

Zebu #1                                       9.375%              Producing
Caddo #1                                      18.75%              Due on-stream early 2007
Dakota #1                                     18.75%              P&A non-commercial shows
Mohawk #1                                     18.75%              Producing
Baptist #1                                    11.50%              Drilling scheduled for 1Q 2007
Kant #1                                       18.75%              P&A non-commercial shows

Source: Everest Resource Company

Project Wharton provides Pantheon with low risk plays to balance the higher risk
/reward plays at the PI Project Area. Overall exploration risk for the Project
Wharton prospects is regarded as low, ranging from 50% to 80%. This compares
with 15% to 36% for the deep JV of the PI Project Area.

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]



                      This information is provided by RNS
            The company news service from the London Stock Exchange