Pantheon Resources (PANR) Investor update summary

Operational update and testing results

• Megrez-1 Top Set 1 test flowed only water, not hydrocarbons, indicating it is not a commercial target; five shallower intervals remain to be tested and could still yield commercial flows.

• Salinity data from the flow test has improved confidence in evaluating oil mobility in the remaining intervals, reducing uncertainty in resource estimates.

• Hydraulic fracturing equipment is required for the Lower Prince Creek interval; only one such fleet is available on the North Slope, affecting timing.

• Testing of the remaining intervals is expected to take another month or two, with updates to be provided when key equipment arrives.

• Each interval is being treated independently; success in one does not guarantee success in others.

Resource and business outlook

• 1.6 billion barrels of certified liquids remain the core value, with upside potential from Megrez-1 pending further tests.

• The original 609 million barrel pre-drill estimate for Top Sets is no longer expected to yield commercial resource; focus shifts to Prince Creek and Lower Sag.

• No change to guidance: expected flow rates for successful intervals remain 200–2,000 barrels per day.

• Two wells are planned before FID: a commercial demonstration well and a possible delineation well, depending on test results.

• Funding is secure for at least the next four months, with contingency for market volatility.

Portfolio overview and resource base

• Holds 1.6 billion barrels of discovered certified resources across two projects, targeting a potential value exceeding $7 billion at $5/bbl NPV10.

• Total discovered 2C contingent resources are 1,569 million barrels of marketable liquids, with additional prospective resources.

• Stacked pay zones in Ahpun and Kodiak fields offer continuous development potential and resource upside.

• Megrez-1 well testing in Ahpun East could increase resource estimates, with six horizons under evaluation.

• 6.6 Tcf of natural gas resource identified, with potential for further appraisal upside.