Pantheon Drilling Ahead at Bullseye Prospect

Pantheon Resources plc has issued the following operational update on its Bullseye prospect.

Drilling activity on the Jumonville-1 well has resumed to test the Bullseye prospect. The Key #88 rig has been moved in over the last several days. Prior to suspending operations a 5 1/2" drilling liner was set to 12,050ft TVD. Since re-entering the well bore, cement plugs have been drilled out and a shoe test completed. Currently the well is drilling ahead.

The projected total depth of the well is estimated at 12,550ft TVD which will test a secondary objective in the Camerina (~12,100ft TVD) and the primary objective in the Miogyp (~12,350ft TVD). The 500ft of final borehole is expected to be completed in three days, at which point open hole logs will be run.

Tyler County Chalk Update

Vision Resources, the operator of the Tyler County chalk venture has contracted for theCactus Rig #108 to drill the Vision Rice #1 well. Due to the current tight rig market onshore in the US, the Cactus rig will not be available until late August or early September. This is not unusual in the current drilling environment.

The estimated dates for rig availability are indicative and dependent on the release of the rig from its current drilling activity. This release may be delayed due to factors outside the control of the Company. Pantheon will announce when the Vision well has spudded.

In accordance with the AIM Rules, the information in this report has been reviewed and signed off by Jay Cheatham, who has over 30 years relevant experience within the sector.



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