Pantheon Resources - US Gas Play

Sent to AFX

Sir,

Your paraphrasing of todays news from Pantheon Resources is factually incorrect and misleading. Please re-read the announcement and correct as soon as possible.

You state

'Pantheon revealed that its Kindee ST 212 #1 well on the Plum Deep structure
in Texas, which was spudded on Aug 1 2006 is unlikely to contain commercially
recoverable hydrocarbons.'

This is highly misleading. They actually say

Preliminary determination of porosity and permeability show THIS ZONE
to be primarily water wet, and unlikely to contain commercially recoverable
hydrocarbons.

The zone referred to is 25 feet. As the RNS goes on to state, there are a further 800 feet to test yet. The company have not declared the well unviable as your statement suggests.

Regards