Update on Wilson Prospect

Pantheon Resources PLC
01 February 2007


Pantheon Resources update on Wilson Prospect


Working Interest


•  As a result of a farm in to the Wilson prospect by Cinco Resources Inc, 
   Pantheon's original 25% working interest in Wilson prospect has been
   reduced by 4.875%.

•  Separately however Pantheon has agreed in principle, subject to execution of 
   contracts, to farm into an additional 7.5% of the Wilson prospect on a 'heads 
   up' basis. 'Heads up' means that Pantheon will bear 7.5% of the costs for its 
   7.5% working interest.  It will not  therefore be subject to any premium or 
   'promote' on this component.

•  Overall, subject to the latter transaction being completed, the net effect is 
   that Pantheon's working interest in Wilson will increase from the original 
   25% to 27.625% on more favourable terms.


In summary the working interests in the Wilson Prospect are as follows:

                                         Working Interest (%)              % Share of Drilling Costs to
                                                                                    Casing Point

Golden Gate Petroleum Ltd                             47.375                            40.670

Pantheon Resources Plc*                               27.625                            34.330

Cinco Resources Inc                                   15.000                            15.000

Medina*                                               10.000                            10.000

* Subject to final documentation


Expected Drilling Timetable


•  Expected to spud mid February.

•  The Parker Rig is currently being rigged up on location at the Wilson pad.

•  The operator expects the well to be completed by the end of March.

•  The Wilson well will be targeting the upper Frio system at similar depths to 
   existing production on Padre Island such as at La Playa Deep and La Playa 
   Shallow to the north, and Dunn Peach #6 to the south.

•  This is a different system to that which was tested at Plum Deep.


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

Justin Hondris                                            [phone]
Oriel Securities Limited

Scott Richardson Brown                                    [phone]



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