New Issue today....amazing acerage and fully funded for their entire 6 drill program. Priced VERY competitively..




Pantheon Resources PLC
05 April 2006



Not for publication, distribution or release in the US, Canada, Japan or
Australia


PANTHEON RESOURCES PLC
('Pantheon' or 'the Company')


Admission to the Alternative Investment Market ('AIM')


Pricing & Allocation


Pantheon Resources plc, today announces its proposed admission to AIM
('Admission') and a successful Placing by Oriel Securities ('Placing').


Placing and Admission


The Company has raised approximately 10.0 million through a placing
of 10,000,000 shares at 100 pence per share. Existing Shareholders have not sold
shares in the Placing.


On Admission, the Company will have a market capitalisation of
approximately 15.5 million.



Oriel Securities Limited, nominated adviser and broker to Pantheon,
and the Company have placed all of these shares with institutional and other
investors.



The Company intends to use the 9.4m net proceeds from the Placing to
finance its initial business strategy which is to drill a minimum of four wells
in certain under-explored deep sections under and around Padre Island, Texas.



The Directors also believe that Admission will help Pantheon attract
and retain high quality staff and raise the status and market profile of the
Company.



Admission and commencement of dealings on AIM are expected to take
place on 5 April.



Background and strategy



Pantheon Resources plc was formed in 2005 to be an independent UK
based oil and gas exploration company focused on hydrocarbon producing basins in
the Gulf of Mexico ('GoM') off the coast of the south of Texas. Specifically,
its initial focus is intended to be on the deep geological plays under and
around Padre Island.



In building its exploration portfolio in this region, Pantheon intends
to participate initially in six exploration prospects (the 'Farmout Prospects').
This is pursuant to a Farmout Agreement with the lessees that currently own the
leasehold interests over approximately 10,715 hectares (the 'Padre Island
Project Area' or 'PI Project Area'). These Farmout Prospects are ready to drill
from a geological and geophysical perspective. Importantly, a drilling rig
contract has been secured for 12 months with options to extend. The Directors
believe that a number of the Farmout Prospects located under or around Padre
Island may contain commercial quantities of oil and gas. Abundant infrastructure
with surplus capacity is located nearby. The Directors believe that these
factors should allow new discoveries to come online quickly in the event of
successful drilling.



Pantheon's strategy is to focus initially on hydrocarbon exploration
and production onshore or near shore in the GoM. Such areas offer lower drilling
and development costs than offshore while lead times to commercial production
are shorter. Being a small exploration company with limited capital, the board
of Pantheon believes these factors should enhance returns to investors and limit
future equity dilution in the event of successful exploration.



The Directors believe that drilling success should provide Pantheon
with a strong foundation upon which to build a focused exploration and
production company. Pantheon intends to manage carefully its risk and enhance
the probability of success through holding small working interests ranging from
10-25 per cent. and partner with experienced operators in the GoM region. The
Directors believe that small working interests should also enable Pantheon to
spread its risk across more prospects, while managing the probability of success
through improving the statistical risk profile. The Board of Pantheon believes
that any drilling success should have a positive impact on the Company's
valuation as the current prospects to be drilled are large in relation to
Pantheon's size. Pantheon, at this early stage of its corporate development, has
no intention of being an operator. It intends to keep its corporate overhead
costs as low as possible by having very few full time staff. This should ensure
both that capital is injected directly into the PI Project Area and that
leverage to shareholders is maximised in the event of drilling success. The
efficient allocation of limited capital is of paramount concern to the board of
Pantheon.



Placing Statistics:


Placing Price 100p

Number of Placing Shares to be issued 10,000,000

Number of Ordinary Shares in issue immediately following Admission 15,552,329

Percentage of the Company's enlarged issued ordinary share capital being placed 64.3%

Estimated net proceeds of the Placing (1) 9.4m

Market capitalisation immediately following Admission at the Placing Price 15.5m

Note:

(1) Net proceeds are stated after the deduction of estimated expenses of
approximately 0.6 million.



For further information, please contact:

Pantheon Resources plc 30 Farringdon St,
Sue Graham, Chairman London, EC4A 4HJ.
Justin Hondris, Non-executive Director

Oriel Securities Limited 020 7710 7600
Scott Richardson Brown


Oriel Securities Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Pantheon Resources plc
and no-one else in the connection with the Placing and Admission and will not be
responsible to any person other than Pantheon Resources plc for providing the
protections afforded to clients of Oriel Securities Limited or for providing
advice in relation to the transactions and arrangements detailed in this
announcement. Oriel Securities Limited is not making any representation or
warranty, express or implied, as to the contents of this announcement.


This information is provided by RNS
The company news service from the London Stock Exchange

Pantheon Resources says partner Petro Hunt to abandon Point Clair Well 1 - AFX

LONDON (Thomson Financial) - UK small cap Pantheon Resources Plc. said its partner Petro Hunt LLC has decided to plug and abandon Well 1 at the Point Clair prospect, in Iberville Parish, Louisiana, after finding the well was not commercially productive.

Pantheon Resources is an oil and gas exploration company active in the Gulf of Mexico. Petro Hunt is the operator of the Point Clair well, which is part of Pantheon's high impact suite of wells in South Louisiana.

Bullseye, also located in Iberville Parish, will be the next well to spud, later this month, Pantheon said.

TFN.newsdesk@thomson.com

ypv/cmr

Well, that's fooked it, three duds on the bounce from areas thought to be commercial no-brainers. Not at all happy now, so into the bottom draw they go. The only silver lining is the small market cap / shares in issue and at least are revenue earning. Unless the next well comes up trumps and even if it does a further return to the market for funds is definitely on the cards. Should settle down between 5-10p, Ho hum :(

Its gone now 2/3p is all they are worth.
the damage is done theres no way back for shareholders.

What did I tell you!

I even gave it to you before they did.

Wilson, yeah but is it worth it?

Not for me it ain't.

Bad luck pt, your a nice guy who don't desrve it.

down 10% today.

Poo, it was a gamble that didn't come off, it's not the end of the world and the shares are paid for, so not as if I have to worry about leveraged margin calls. I'll forget about them for a while now.

Mitzy, you're not related to Hlyeo are you? You have a knack for stating the blindingly obvious. Are you going to post the percentage share movement every day?

Hi pt...

I have no interest in PAN it was always a risky share and certain people have hyped it out of all recognition.

Any thoughts on this one .

This could be an opportune time to invest in Pantheon Resources.They are currently involved in drilling a well [Bullseye] which should reach the target depth within the next two weeks. If successful the share price could double,a well in the Austin chalk area of Lousianna is due to be spudded by end June beginning July this is a very successful area for producing. There is not a lot of scope for downside because the company is only capitalised at 9.5mln. has currently income of approx.1.3mln a year and recently raised 4.5mln.

Well, there is a downside in the short term if Bullseye fails to come in. Failure here will mean three dusters on the trot and the associated collapse in the share price. Alternatively if Bullseye does come in the re-rating of the SP may be a lot more than just x2; depending on flow rates, we could be looking at 100p-200p. Of course that doesn't allow for any future possible success from the latest farm in mentioned by geoff. Personally I have always looked at this stock as a purely speculative punt that will either tank or reap a very nice reward.

pth

A very nice reward looks more likely, know that an update from the Bullseye well has been released today on GGP [ the operator]s website www.ggpl.au.com. It seems highly likely a commercial oil well [ also gas ] will be announced very soon, after more testing this week, also Austin chalk well should be spudded within the next few weeks.

Sorry, the GGP website is actually www.ggpl.com.au

As Geoff states, quite encouraging, although quite a prudent announcement.

From the GG Website:

Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana

The Company advises that on Thursday (21/08/08), North America time, the Jumonville #1 reached its revised total depth of 12,440ft MD which is estimated to be 80 feet below the base of the primary objective in the Miogyp sand. Given the high pressure conditions of the borehole from the Miogyp sands and surrounding shales, the decision was made to run and cement in a production liner which was completed on Saturday (23/08/08). Cased hole logs are planned to be run Tuesday, North American time, while work continues on installing completion equipment in preparation for production testing. Preliminary data from mud logging indicated that a reservoir sand of 30 to 35 feet thick has been encountered in the
Miogyp. This reservoir thickness is in line with pre drilling expectations and will be confirmed once logs are run.
During drilling operations significant amounts of light oil were observed in the mud pits and highly elevated gas readings were recorded. Our general consensus is that the Miogyp reservoir is a predominantly oil reservoir with estimated bottom hole pressure of over 10,000 psi.
While this information is preliminary, it does provide a strong indication of a commercial discovery. Further confirmation of sand thickness, bottom hole pressure, flow rates and assessment of potential reserves will require data from logging and flow testing. The Company is very encouraged by these preliminary results. However, expectations should be tempered based the information to date as it needs further confirmation. As a consequence the Company remains cautious until a full evaluation can be completed.

Great news for Pantheon!

LONDON (Thomson Financial) - Pantheon Resources Plc. said operator, Golden Gate Petroleum Ltd., has estimated potential reserves of 16 million barrels of oil equivalent (MMBOE) for the Miogyp sands well on the Bullseye prospect in Louisiana.

The flow test is anticipated to begin within the next week, which will further define the size and commercial significance of this discovery, the AIM-quoted oil and gas exploration company active in the Gulf of Mexico said.

PANR have a 11.25% interest in this well after buy back in. Assuming price of oil remains at worst case $100 per bbl, company share in financial terms is $160M. The reserves are still estimated and subject to flow testing and doesn't account for any possible commercial gas finds (if there are any).

PANR market cap is in the region 13.5M - go figure :)

Charts starting to look interesting pt .... ramp ramp but don't tell tabby.

:-)

Indeed Dil, I like the support at 30p and a steady rise during an otherwise red day. I think the precaution to stop working on the latest well during the approach of GUSTAV was sensible but unfortunately stopped the SP reaction to a successful drill in its tracks. I think this latest well is good for an increase to the 40p region on the current information available, hoping that the flow tests show more rather than less.

Would be nice for the rampers to arrive in force mind - this share is so illiquid, any concerted buying (or selling) sends it flying!

lol

Maybe we could hire tabby for a week.

Pay him a quid, would double his weekly income :-)