Pantheon Resources plc Regulatory News (PANR)

8 Jan 2008 07:00

Pantheon Resources PLC08 January 2008 Press release 8 January 2008 Pantheon Resources plc - Drilling Update on Nottoway Prospect Pantheon Resources, the AIM-listed oil and gas exploration company active in theGulf of Mexico, is pleased to provide an update on the drilling of the Fay WeilRoss et al #1 well on the Nottoway prospect in South Louisiana. The well drilledout from 7 5/8 inch casing at 12,025 feet ("ft"). It has now reached 13,894 ft.(measured depth). Natural gas shows were encountered while drilling. Very high pressure was met at one of the deeper objectives. While trying tocontrol the well, the drill pipe became stuck in the hole. After consultation,Petro-Hunt LLC, the Operator, has elected to come back up the hole to 11,850ft., set a cement plug, sidetrack the well and drill to the original objectives.The significance of the earlier natural gas shows will not be known until thewell bore penetrates the zones again and a well log is obtained across them. 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. In accordance with the AIM Rules, the information in this report has been reviewed and signed off by Mr RobertRosenthal, (BSc Geology, MSc Geology), Technical Director at Pantheon Resources Plc, who has over 30 years relevantexperience within the sector. For further information on Pantheon Resources plc, see the website atwww.pantheonresources.com- end - Further information: Pantheon Resources PLCJay Cheatham, CEO +44 777 170 3433 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