Wilson Drilling Update

Pantheon Resources PLC
29 May 2007


May 29, 2007

PANTHEON RESOURCES PLC

Drilling Update on Wilson Prospect, Padre Island

   •The Kindee ST 949 #1 well on the Wilson Structure was spudded on 7
    February 2007 (Texas, USA).

   •The well has reached a depth of 11,975 feet (measured depth). This
    followed successful control and restoration of lost circulation after a
    natural gas kick at 11,850 feet.

   •It was determined that primary and secondary objectives had been
    completely intersected. Drilling was thus stopped at 11,975 feet and
    electric logs run.

   •The electric logs showed indications of at least two potential natural
    gas zones. Together these have a combined gross interval of over 100 feet.

   •Adverse mechanical conditions in the borehole have prevented the logs
    proving conclusively commercial natural gas accumulations.

   •A 4.5 inch production liner has been run and cemented in preparation for
    an extensive testing programme.

   •The forward plan is to set up testing equipment over the next two days.
    Testing is expected to take several weeks.

   •The Board of Pantheon emphasises, however, that the final outcome remains
    dependent on the results of further testing.

   •Wilson is the second in a multi-well programme. It is targeting a shallow
    prospect in the Upper Frio system. Similar prospects have been found to be
    productive elsewhere on Padre Island.

   •Gross best estimate potential reserves (previously described as 'P50
    potential reserves') for Wilson have been assessed at 9 billion cubic feet.

   •Pantheon's working interest in Wilson is 31.77%, subject to final
    documentation.

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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