Pantheon Resources plc Regulatory News (PANR)

19 Feb 2008 07:00

Pantheon Resources PLC19 February 2008 Press release 19 February 2008 Pantheon Resources plc - Drilling Update on Nottoway Prospect Pantheon Resources, the AIM-listed oil and gas exploration company active in theGulf of Mexico, issues this update on the drilling of the Fay Weil Ross et al #1well on the Nottoway prospect in South Louisiana. Petro Hunt LLC, the operator and majority working interest partner in the well,has recommended that this well should be plugged and abandoned (P&A"). Thisfollows after the drill pipe once again become stuck. After side tracking theoriginal well bore, while drilling to 12,025 feet ("ft") measured depth, theoperator experienced continued problems with loss circulation and loss of mudweight. The intention is now to move the rig to the Point Clair prospect near NottowayDome. Petro Hunt LLC will re-evaluate the drilling programme for Nottoway Domebefore making a recommendation on how to proceed. These mechanical problemshave not diminished the prospectively of Nottoway Dome. Point Clair is a lowerrisk independent shallower target than Nottoway Dome on a pre-prepared drillsite. 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 +44 777 170 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