Pantheon Resources plc Regulatory News (PANR)

27 Mar 2008 10:16

Pantheon Resources PLC27 March 2008 Press release 27 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). On March 23, 7 5/8" casing was set at 11,035 feet. This was after a routine setof logs was run. The well is now drilling out below 11,100 feet after testingcasing integrity. The well remains on budget and still above its objective zones 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 PLCJay 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