Pantheon Resources plc Regulatory News (PANR)

28 Jan 2008 07:24

Pantheon Resources PLC28 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. Petro Hunt LLC, the operator has successfully sidetracked the stuck drill pipein the original well bore and is drilling ahead below 11,000 feet (measureddepth). Petro Hunt has a sidetrack drilling plan in place that will reach theoriginal target zones. Nottoway is a high impact oil and gas prospect forPantheon and part of a three well programme in South Louisiana. 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 Jay Cheatham, BSc ChE, who has over 30 years relevant experience 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