Plum Deep Drilling Update

Pantheon Resources PLC
26 September 2006

     26 September 2006

PANTHEON RESOURCES PLC

Drilling Update On Padre Island



  • The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1
    August 2006 (Texas, USA).
  • As at 08:00 Texas Time, 25 September 2006, the operator was preparing to
    drill out of 9 5/8' casing set at 10,615 feet.
  • Drilling operations to the planned total depth of 16,400 ft (vertical
    depth 15,000 ft) are expected to take a further 28 days.
  • The Plum Deep structure is considered to be a world class exploration
    prospect. Gross best estimate potential reserves (previously described as
    'P50 potential reserves') have been assessed in a 161-293 billion cubic feet
    ('bcf') range.
  • Pantheon is paying 33.33% of the well costs to earn a 25% working
    interest.

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