Company Information for Pantheon Resources

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AIM; PANR

Company Statement

Pantheon Resources plc ("Pantheon") was formed in 2005 as an independent UK based oil and gas exploration company focused on hydrocarbon producing basins onshore or near shore the GoM (Gulf of Mexico). On 5 April 2006, Pantheon was admitted to AIM, having successfully raised £10m from a mix of quality institutional and high net worth private investors at a price of £1.00 per ordinary share.

Pantheon's initial focus was on the deep geological plays under and around Padre Island (PI), South Texas. Pantheon entered into a Farmout Agreement which provided the right to participate initially in six specific, defined exploration targets which were ready for drilling from a geological and geophysical perspective. These prospects were considered to be large, high quality natural gas plays in an under-explored deep section of the GoM.

Operations and Technology

Padre Island

Padre Island is located in the Gulf of Mexico, just off the coast of South Texas. The Padre Island (PI) Project covers an area approximately 100km long and 12km wide. The PI Project Area in which pantheon has an interest covers 41 leases. The total acreage covered by these leases is approximately 10,715 hectares.

The leases cover part of the land area of Padre Island (a barrier island some 180 km long), the Laguna Madre (lagoonal waters inshore of the island) and offshore Gulf of Mexico immediately off the island in Texas state waters. This represents an expansive acreage position enabling the PI Project team:

- to target exploration within a regional geological context, and
- to cover large prospects which naturally require a large acreage position.

Project Wharton

In June 2006, Pantheon expanded its operations by farming-into a natural gas exploration venture in Wharton County, south Texas, located broadly between Houston and Corpus Christi. This venture is operated by the Everest Resource Company ("Everest") which has a long and successful history in the Texas Gulf Coast Area. This project provides Pantheon with low risk/reward plays to balance the higher risk/reward plays at the PI Project Area.

The Project Wharton farm-in comprised three prospects initially, since expanded to six. The prospects have been identified using high-quality 3D seismic. These prospects are smaller in size and risk than Padre Island. Reserves estimates per well range from 0.5 to 4.0 billion cubic feet ("bcf"). This farm-in was considered complementary in terms of risk to the high impact PI Project Area. The exploration risk is regarded as low, with probability of success ranging from 50-80%.

Tyler County

The Tyler County AMI (area of mutual interest) comprises over 30,000 acres located south of drilling by Anadarko and Ergon. The main feature of this play is an extension of the success by these two operators in the Austin Chalk. There is also significant potential for Woodbine production.

South Louisiana

In May 2007, Pantheon added another oil and natural gas exploration venture to its portfolio. Pantheon farmed-into a project in Iberville Parish, Louisiana, south of Baton Rouge. This venture is operated by Petro-Hunt LLC ("Petro-Hunt"), the oil and gas arm of the Hunt brothers, based in Dallas. PetroHunt has also farmed into this project with a 60% working interest ("WI").

Bullseye - Exploration Prospects

Prospects

The farm-in covers one prospect, Bullseye, with leases covering 1,700 net acres The Bullseye prospect is testing deeper untested fault blocks on the crest of the Laurel Ridge field. Laurel Ridge is a "turtle" feature (inverted basin) feature discovered in 1944 by Humble Oil (ExxonMobil).

At Bullseye the intention is to test two deeper geopressured targets with one vertical well. These have combined gross best estimate potential reserves (previously described as "P50 potential reserves") of 12.5 million barrels ("mmbo") of liquids and 33 billion cubic feet ("bcf") of natural gas

The well is currently scheduled to commence in April 2008. It is estimated to take approximately 60 days to reach total depth on a trouble-free basis. Golden Gate Petroleum will act as the operator, having farmed-into this prospect on similar terms.

Board of Directors and Key Management

Non-Executive Chairman	Susan Graham
Chief Executive Officer	John Bishop (Jay) Cheatham
Non-Executive Director	Justin George Hondris
Non-Executive Director	Andrew Granville Waller
Non-Executive Director	John Arthur Walmsley

Company Address

Golden Cross House, 8 Duncannon Street
London, United Kingdom WC2N 4JF


Telephone:	+44 20 7484 5359
Email:	contact[at]pantheonresources.com
Website:	http://www.pantheonresources.com

Capital

As at 24 August 2009 allotted, issued and paid fully paid: 44,391,730 ordinary shares of £0.01

Nominated Brokers

Oriel Securities Limited
125 Wood Street
London EC2V 7AN
UK

Nominated Advisors