Pantheon Resources (PANR) Investor update summary

Megrez well outcome and implications

• Megrez well encountered no appreciable hydrocarbons despite strong oil charge indications from logs and cores, resulting in zero oil or gas production across all tested intervals.

• Testing revealed no mobile oil, likely due to oil-wet reservoir characteristics or lack of an effective seal, making primary depletion unviable.

• The well is suspended indefinitely, with no commercially recoverable reserves identified; future recovery may require unconventional methods.

• Decision to halt further testing was made to preserve capital, as repeating tests in other intervals was unlikely to yield different results.

• Megrez was never part of the core development plan, only representing potential upside.

Investment highlights and resource base

• Holds 100% working interest in 258,000 acres on Alaska's North Slope, with 1.6 billion barrels of ANS crude and 6.6 Tcf of natural gas in 2C contingent resources, supported by independent expert reports.

• No known biodiversity or environmental concerns, and all leases are on state lands.

• Strategic location with access to Dalton Highway, TAPS oil pipeline, and proposed gas pipeline, reducing development time and costs.

• Signed a Gas Sales Precedent Agreement with Alaska Gasline Development Company for up to 500 MMcf/d for 20 years at $1.00/MMBtu.

• Project benefits from strong state and federal support, including a presidential executive order prioritizing Alaska LNG.

Focus on Ahpun and Dubhe development

• The primary business plan remains unchanged, focusing on Ahpun and Kodiak, which together hold nearly 1.6 billion barrels of certified 2C resource.

• Next step is drilling a horizontal demonstration well in Ahpun to establish a type curve and validate commerciality.

• Dubhe-1 well will target the heart of the Ahpun West reservoir, aiming to underpin full field development and gas sales agreements.

• Dubhe well is considered low risk due to multiple penetrations and proven oil mobility in the target horizon.

• Regulatory progress includes receiving the U.S. Army Corps of Engineers permit for the Dubhe-1 pad.