• The Kindee ST 212 #1 well on the Plum Deep structure was spudded on 1 August 2006 (Texas, USA).
• As at 08.00 Texas Time, 26 October 2006, the well was at a depth of 12,930 feet ("ft") measured depth and drilling ahead following the running of a 7 inch liner.
• The planned total depth of the well is 16,400 ft (vertical depth 15,000 ft).

The Plum Deep structure is considered to be a world class exploration prospect. Gross best estimate potential reserves (previously described as "P50 potential reserves") have been assessed in a 161-293 billion cubic feet ("bcf") range.

Pantheon is paying 33.33% of the well costs to earn a 25% working interest.

In accordance with the AIM Rules, the information in this report has been reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology), Technical Director at Pantheon Resources Plc who has over 30 years relevant experience within the sector.