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Not for publication, distribution or release in the US, Canada, Japan or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

anyone watching this?

ok, i gather not!

I am !

excellent! are you involved?

Prop,

Looks like an interesting stock, can you please put a chart in the header?

I would think they there may be some interest from SEY and PRE holders given their companies geographical proximity.

prop - not at the moment. I'm a bit fully invested and most are doing very well, so I don't really fancy any sales right now. I'm a bit dubious too about how quickly this could move as it's very much in its infancy (both in the market and in its trade).
If one of my stop losses kicks in I might dabble!

122 bid...22% up in two days, long may it continue!

Pleased for you prop - good call!

up 38%....

Heck, size of the spread!!!!!!!!!!

KD.

It's not going to bother prop, nor would it me if I held them!
One of my other holdings SMC has a similar 5p spread - it was 100p a couple of months back and is now 170p. So no complaints from me there.

prop,

Thanks, nice uptrend!

this really is one to keep on the screen. drill goes in place next month and drilling then starts in June.

Proven reserves and strikes already on the acreage and the operator (Golden Gate Petroleum) has doubled since the start of the year AND Pantheons valuation remained at 1. on that basis they should have listed at 2 in the first place!

The management team is EXCELLENT and well seasoned and kept the listing price low because by raising 10 million the entire drill program was funded (6 wells) and would rather see even better performance.

In this one for a year or two...

keep watching this beauty this week...

Dwindling downwards to 127p...

welcome to the tread. now, look at GGP.AX on tour yahoo finance or on http://www.ggpl.com.au the company is identical to Pantheon because
1. they are both pur play padre island
2. GGP is the operator and has a 37.5% stake in the fields
3. PANR has 25%
4. GGP has almost TRIPLED since PANR was priced back in November but since this team is SO DAMN AMAZING they elected NOT to move their pricing even though their nomad wanted to list them at at least 2.
5. they have a 70% strike rate on the acerage and have been there for 7 years and only NOW have the funding for the full drill program.
6. Mike Bell the head drilling guy for GGP is one of the best in the business and turned down a position at a major to take a piece of GGP...
MICHAEL BELL, BSc
Chief Operating Officer - USA

Appointed 21 November 2005

Mr Bell is responsible for driving the 2006 Padre Island drilling programme and the development and production of discovered hydrocarbons. Mr Bell is a petroleum professional with over twenty-five years experience in the Oil and Gas industry and has an impressive set of credentials and achievements, with a particular focus in the development of deepwater fields in the Gulf of Mexico with BP, Mobil and Unocal. His most recent position was Vice President, Deepwater Gulf of Mexico, Unocal Corp for 7 years where he established Unocal as a leader in deepwater exploration and was instrumental in the discoveries at Mad Dog, K2, Puma, Knotty Head, Trident, St. Malo, and Tobago.

7. PANR management and GGP management have worked together for years
8. GGP market cap= 40 million, PANR = 19 million . on a pro rata basis 37% or acerage and 25%, PANR are at a 40% discount!
9. That is without factoring in the virtually ZERO cost base for PANR and the fact that they are FULLY funded for the 6 well program to keep up with GGP.
10. They should trade to a premium to GGP!

Enough spiel, DYOR yourselves. I know this company very well and expect great things.

Rgds
PT

Below is an upto date posting from Scranmal (ADVFN) for the drilling program:

There is a new presentation on Golden Gate's website which states that Plum Deep will be first, but not until 2H2006, so possibly July/August.

http://www.ggpl.com.au/documents/2006AInvestorPresentation.pdf

thx for that. I have the a copy in front of me...

My understanding is that the first well will be drilled in June and that the drill itself is going in place next month (and has been hired for over 2 years).

Really pleased to see someone else is on the ball in this one! are you a holder?

Yes,and have just topped up.

Great posting by yourselve on the ADVFN BB by the way.

to be honest i try and avoid advfn at all times but sometimes things need to be said!

rgds
PT