Project Wharton Update

Pantheon Resources PLC
19 December 2006

December 19, 2006

PANTHEON RESOURCES PLC

Increasing Natural Gas Production at Project Wharton

The Board of Pantheon ('Pantheon') is pleased to report that the company is now
producing from two natural gas fields, Zebu and the recently discovered Mohawk.
A third, Caddo, is scheduled to be commissioned early in the New Year.

When combined together, these fields will make up an attractive and growing
income stream for Pantheon. 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 and also offers attractive near term
financial returns.

This initial drilling campaign has delivered effectively a 75% success rate.
This has provided sufficient confidence to boost exploration in the Project
Wharton area. Pantheon has now agreed to drill two additional exploration wells,
Baptist and Kant, over coming months. A further three wells in and around the
recent discoveries are currently scheduled for 2007. The current three
discoveries, combined with the increased exploration efforts, hopefully will
yield higher natural gas production in 2007.

These fields and prospects are all small and at shallow depths. In addition,
easy access to infrastructure has enabled Pantheon to generate cash flow quickly
from its discoveries.

Zebu (Pantheon 9.375%)

Zebu #1 was discovered in August 2006 and commenced production on September 29,
2006. The well is currently producing around 235 thousand cubic feet of natural
gas per day (mcfd). Zebu discovered natural gas in two Frio sands. It is
producing from the deeper zone at around 4,280 feet ('ft'). The primary
objective, which encountered natural gas at around 3,750 ft, remains to be
completed for production. The Joint Venture intends to produce from the
secondary zone until depleted and then complete the primary zone higher up the
well bore. The success has led the Joint Venture to plan on drilling another
Zebu well in 2007.

Mohawk (Pantheon 18.75%)

Mohawk #1 was recently brought into production at 110 mcfd through a 4/64 inch
choke. It is expected that production will increase over the coming weeks as the
choke size is increased and other mechanical improvements are implemented.
Mohawk #1 encountered natural gas in both its primary and secondary Frio
objectives.

The success at Mohawk has led the Joint Venture to plan to drill another Mohawk
well in 2007. The Mohawk #2 will test a slightly smaller amplitude anomaly (30
acres) at 4,075 ft that is very similar to, but fault separated from the Mohawk
#1 anomaly. As this is not subject to the farm-in terms, it would have a higher
value to Pantheon, if successful.

Caddo (Pantheon 18.75%)

Caddo #1 encountered gas in a shallow Frio formation at around 4,470 ft and was
completed for production testing in November. The well was successfully tested
at rates ranging from 120 mcfd to 385 mcfd on 4/64 and 7/64 inch choke sizes
respectively. The well produced at a stabilised rate of around 250 mcfd on a 6/
64 inch choke. This well should be brought on-stream within the next few weeks.

The Caddo #1 discovery is a particularly important. It is located in an area of
mutual interest that covers a large area where six other prospects exist. These
target comparable Yegua and Frio anomalies, but Miocene objectives are also
present in all of them

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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