Pantheon Suspends GOM Operations at Bullseye's Jumonville-1

Pantheon Resources plc has issued the following operations update.

Bullseye Update

Due to the pending arrival of Hurricane Gustav in the Gulf of Mexico, completion operations at the Jumonville-1 well have had a mandatory suspension placed on all operations. The rig mast has been lowered and all equipment secured in preparation for high winds and heavy rains. All personnel were moved offsite once storm preparations were completed.

Given the current forecast for the arrival of Hurricane Gustav and expected time to re-establish operations after weather conditions improve, it is estimated that there will be a delay in the completion work and testing of the Jumonville-1 well for approximately 8 to 10 days. Pantheon will advise the market when those operations are under way.

Pantheon is participating with a 15% working interest in the Bullseye prospect prior to back-in rights. Should back-in occur, Pantheon will participate with an 11.25% working interest.


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