Pantheon Resources plc Regulatory News (PANR)

31 Mar 2008 09:20

Pantheon Resources PLC31 March 2008 Press release 31 March 2008 Pantheon Resources plc - Drilling Update on Point Clair Prospect Pantheon Resources, the AIM-listed oil and gas exploration company active in theGulf of Mexico, issues this update on the drilling of State Lease 19255 et al #1well in Iberville Parish, Louisiana (the Point Clair prospect). Point Clair has now reached target total depth ("TD") of 11,700 feet. The mudlog has indicated shows of natural gas and some liquids (C1s, C2s and C3s).Although positive the significance of these shows remains to be determined. Jay Cheatham CEO of Pantheon Resources said, "Obviously we're pleased that PointClair has positive shows in the main target. However, we will not know what ispresent until a suite of logs and side wall cores have been taken and analyzed.This should take place in the next few days. The results of these will becommunicated to the market at the appropriate time. Pantheon is participating with a 7.5% working interest, carrying the farm-outcompanies for a 25% back-in after project payout. All costs will be recovered byPantheon prior to back-in by the farm-out partners and no revenues will bereceived by these companies until Pantheon attains payout. The Point Clair well is part of Pantheon's high impact South Louisiana suite ofwells. Bullseye, also located in Iberville Parish, will be the next well tospud. In accordance with the AIM Rules, the information in this report has beenreviewed and signed off Jay Cheatham, who has over 30 years relevant experiencewithin the sector. For further information on Pantheon Resources plc, see the website atwww.pantheonresources.com - end - Further information: Pantheon Resources PLC Jay Cheatham, CEO +44 20 7484 5359 Oriel Securities LimitedScott Richardson Brown +44 20 7710 7600 Notes to editors: Pantheon Resources plc Pantheon Resources plc was formed in 2005 to be an independent gas explorationcompany focused on hydrocarbon producing basins onshore or near shore the Gulfof Mexico. On 5 April 2006, Pantheon was admitted to the AIM, havingsuccessfully raised £10m from a mix of quality institutional and privateinvestors. This information is provided by RNS The company news service from the London Stock Exchange