Plum Deep Drilling Update

Pantheon Resources PLC
02 January 2007

January 2, 2007

PANTHEON RESOURCES PLC

Second Coring Operation Underway


  • The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1
    August 2006 (Texas, USA).

  • Coring operations have begun at a measured depth of 15,103 feet ('ft')'.
    This will collect a second and final core.

  • Preliminary core analysis in this deeper zone is expected to be available
    for evaluation in early January 2007. Subsequent operations will include
    drilling to a planned measured depth of 15,400 ft.

  • A comprehensive logging and sampling programme is planned, with results
    available from that work by mid-January 2007.

  • This programme is targeted to test the deepest zone which spans over 800
    gross feet.

  • The results of the core analysis and the logging programme in the deeper
    zone should determine whether this zone is commercial.

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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