Pantheon Resources (PANR) Investor update summary

Strategic Focus and Resource Base

• Emphasis on developing 1.6 billion barrels of independently verified 2C resources, with activities aimed at accelerating timelines, reducing dilution, or lowering costs.

• Total resource base estimated at 3.8 billion boe, including 2.5 billion boe 2C discovered and appraised resources.

• Key assets include Kodiak (1.2 billion bbl recoverable), Ahpun (360 million bbl recoverable), and significant gas resources.

• Benchmarking shows the investment case is competitive with major U.S. basins.

• All initiatives must accelerate value realization, reduce dilution, or increase value.

Operational and Financial Progress

• Completed a $29 million interim fundraise, reducing funding needs to Ahpun FID to $32–$57 million.

• Megrez pad construction is about 50% complete, with rig mobilization preparations underway.

• Appointment of a U.S.-based CFO and engagement of advisors for strategic funding and a potential IPO.

• US advisors engaged on a success fee basis, with Houston consolidation ongoing.

• Targeting Q4 spud for Megrez-1 to test over 600 million bbls prospective resource.

Megrez-1 Well and Technical Outlook

• Megrez-1 targets 609 million barrels and over 3 TCF of gas in the Eastern Topsets, with a directional well planned from a pad along the Dalton Highway.

• The well design includes oil-based mud to optimize data collection and minimize drilling issues.

• Reservoir expectations are 20-25% porosity and 5-35 millidarcies permeability, significantly better than previous tests.

• Megrez-1 planned to intersect three topsets with a 69% geological chance of success.

• Multiple stacked zones will be tested, with the best part of the reservoir expected at the top.